6th Aug 2018 16:05
LONDON (Alliance News) - Exploration company Thor Mining PLC on Monday said Hawkstone Mining Ltd sharesholders approved the acquisition of USA Lithium Pty Ltd.
Back in June, Hawkstone shareholders rejected the acquisition of USA Lithium. As a result, Thor Mining changed certain terms of the deal, but the amount to be paid remained the same.
On completion of the acquisition, 125.0 million Hawkstone shares will be issued and another tranche of 125.0 million shares will be deferred, conditional on Hawkstone declaring an inferred resources at the big sandy Lithium Project of no less than 30 million tonnes at a grade greater than 2,000 parts per million of lithium, as well as the granting of a waiver from Australian Securities Exchange.
Thor expects to secure 7.8 million shares in Hawkstone, representing its portion of the initial consideration shares. The acquisition is subject to a number of other completion conditions including a capital raising by Hawkstone of USD2.8 million.
Pursuant to the original acquisition agreement to purchase the interest in USA Lithium from mining company Pembridge Resources PLC, Thor is required to return 5% of disposal proceeds to Pembridge.
Shares in Thor Mining were 1.2% lower on Monday at 2.10 pence each.
Related Shares:
Thor Energy