1st Feb 2021 19:13
Bacanora Lithium PLC - lithium explorer - Says offtake partner Ganfeng Lithium Co signs new joint venture agreement in connection with its investment in SLL following the exercise of its option to increase its stake in SLL to 50% from 23%. Completion of the venture remains conditional upon certain approvals and consents from authorities in China. The final approval is expected in the coming weeks.
SLL is the operational holding company for the Sonora lithium project. Once Ganfeng has received its approval from the relevant authorities in China and SLL has received GBP21.9 million of funds from Ganfeng, completion will take place and SLL will immediately issue 74.0 million new shares to Ganfeng, resulting in Ganfeng owning 50% of the enlarged issued share capital of SLL.
Current stock price: 57.00 pence
Year-to-date change: down 11%
By Paul McGowan; [email protected]
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