By: Staff writer
Askari Metals Ltd on Thursday announced the completion of its acquisition of the 80% interest in EPL 8535, covering an area of approximately 195 km2 forming part of the Uis Lithium Project, located in Namibia.
Pursuant to the terms of the binding agreement between the company and the shareholders of Earth Dimensions Consulting Pty Ltd, the company has incorporated a local Namibian subsidiary (wholly owned), which owns the initial 80% interest in Earth Dimensions Consulting Pty Ltd. The remaining 20% interest is held by the existing shareholders of Earth Dimensions Consulting Pty Ltd.
The company has issued the shareholders of Earth Dimensions Consulting Pty Ltd a total of 4 million ordinary shares in the capital of Askari, of which 20% are freely tradeable with the remaining balance subject to escrow for a period of 12 months from the date of issue.
Completion of the acquisition of the 80% interest in EPL 8535 satisfies the first condition precedent pursuant to the subscription agreement entered into between the company and Zhejiang Huayou Cobalt Co., Ltd.
The company is reportedly very pleased to have completed the acquisition of the 80% interest in EPL 8535 as it continues to advance towards completion pursuant to the subscription agreement with Huayou.
Exploration RC drilling continues at EPL 8535 with numerous thick pegmatites having been intersected. The company is anticipating being able to provide shareholders with an update on its exploration activities soon.