Cadence Minerals plc has completed the A$21.05 million (£12.08m) sale of its 31.5% stake in Lithium Technologies and Lithium Supplies (LT and LS) to Evergreen Pty Ltd.
TRANSACTION
Cadence received an initial AS$3.16m (£1.81m) in Evergreen shares and, subject to Evergreen achieving performance benchmarks, will receive in total A$6.63m (£3.8m)
Evergreen will spend a minimum of A$4m over the next three years on the exploration of the Litchfield lithium prospect in Northern Australia.
EVERGREEN
Evergreen will spend at least A$4m on the exploration of Litchfield over three years following completion of the sale.
The company was specifically incorporated to acquire lithium assets with LT and LS being its first purchase.
Evergreen has to date raised AS$6m ahead of listing on the Australian Stock Exchange.