13th Jul 2023 18:44
(Alliance News) - Technology Minerals PLC on Thursday said Global Battery Metals Ltd has elected to exercise its second option with respect to the Leinster lithium property project in the Republic of Ireland.
The Leinster Property is currently operated as an earn-in option between LRH Resources Ltd, a wholly-owned subsidiary of the company, and GBML.
GBML is an international critical mineral exploration and development company focused on growth-oriented lithium and battery metal projects.
Under the second option earn-in exercise, GBML will acquire around a further 38% stake, taking its interest in the project to around 55%.
Having now spent the required EUR500,000 on property exploration and development, GBML will pay Technology Minerals EUR5,000 in cash and issue 385,000 shares at a price of USD0.17 per share, on or around July 27.
The project is located south of Dublin in the counties of Wicklow and South Carlow and consists of 16 prospecting license areas.
The project's maiden drill programme, currently underway at the Knockeen Prospect, is permitted for up to 10 drill holes and has recorded multiple pegmatite intercepts in the first holes, which are currently being processed and analysed.
Alex Stanbury, chief executive of Technology Minerals, said: "It is pleasing to see Global Battery Metals exercise their second option at the Leinster lithium property, which is a demonstration of their confidence and commitment to further advancing work on the project."
Shares in Technology Minerals fell 3.4% to 1.57 pence in London on Thursday.
By Jeremy Cutler, Alliance News reporter
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