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Platypus Minerals in cash raiser for lithium due diligence

 Platypus Minerals in cash raiser for lithium due diligence

Platypus Minerals (ASX:PLP) is looking for additional lithium investments beyond its one month "look" agreement to evaluate the acquisition of New South Wales lithium explorer Lepidico Ltd.

The company will raise $350,000 through the issue of 70 million shares at an issue price of $0.005 each for due diligence over the proposed acquisition of unlisted Lepidico.

That company holds an application for an Exploration Licence over the Euriowie Prospect near Broken Hill where historical workings contain lithium bearing micas and elevated levels of lithium in rock chip samples.

Lepidico owns the L-Max technology, a proprietary metallurgical process that has the potential to commercially extract lithium and other byproducts from unconventional sources at a competitive cost.

This disruptive technology could bring into play largely overlooked lithium-bearing micas such as lepidolite and zinnwaldite as lithium supply.

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Platypus Minerals Timeline

January 28 2016

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