Askari Metals (ASX:AS2) is offering two new options to investors of the expired AS2O option series from 31 October 2024.
These new options can be converted to shares prior to 31 December 2028 at a price of $0.022 and will match the option terms from the previous placement in November 2024.
The company will apply for quotation of the new options subject to completing the ASX criteria and other requirements. The prospectus was lodged with ASIC, with personalised application forms to be sent from the opening date yesterday (19 May).
Executive Director Gino D’Anna says the priority offer will allow Askari to engage with shareholders to encourage continued participation in the equity of the company.
“Askari is well positioned to deliver upon its African focused corporate strategy and we are currently engaged in due diligence activities to acquire an advanced Brownfields gold exploration project in Ethiopia,” D’Anna says.
“With the completion of the recent placement, we are well funded to capitalise and leverage off our African experience to deliver an outstanding value-add opportunity for our shareholders.”
Askari Metals, which has a market capitalisation of $3.63 million, is an exploration company focused on the development of battery metals such as lithium, across its portfolio of projects in Africa and Australia.
While in high demand by the electric vehicle market, lithium has recently seen a drop of 1.24% to $13,673 a tonne as of 20 May 2025, according to Trading Economics.
Write to Maddison Elliott at Mining.com.au
Images: Askari Metals
