Askari metals completes land acquisition at Uis - extends to 300km2


Askari Metals Limited has finalised the acquisition of the 80% interest in exclusive prospecting licence 8535, which forms part of the company’s Uis Lithium Project in Namibia.

The exclusive prospecting licence 8535 covers about 195 km2.

Askari Metals signed a binding agreement with Earth Dimensions Consulting in Dec. 2022 to acquire the 80% interest in exclusive prospecting licence 8535.

The acquisition of exclusive prospecting licence 8535 brings the Uis Lithium Project area to more than 300 km2.

The shareholders of Earth Dimensions Consulting Pty Ltd hold the other 20%.  

Askari Metals said on March 30 that they had issued Earth Dimensions Consulting shareholders 4,000,000 ordinary shares in its capital.

The company further said that 20% is freely tradeable, with the remaining balance subject to escrow for 12 months from the issue date. 

According to Askari, the completion of the acquisition of the 80% interest in exclusive prospecting licence 8535 satisfies the first condition precedent under the subscription agreement it entered into with Zhejiang Huayou Cobalt Co.

On March 22, Zhejiang Huayou Cobalt Co., Ltd, through its wholly owned subsidiary, Huayou International Resources (Hong Kong) Limited (Huayou), entered a conditional agreement with Askari Metals to make a strategic US$2.5 million investment via a subscription for 4,500,000 shares at an issue price of $0.55 per share. 

Askari said the 80% interest acquisition in exclusive prospecting licence 8535 is in line with the subscription agreement with Huayou. 


 

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