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Neometals snaps up another 500,000 shares on-market

Neometals can buy up to 28.1 million shares under the program.
Neometals snaps up another 500,000 shares on-market
The company is proposing to sell its Mt Marion stake

Neometals (ASX:NMT) continues to buy-back its own shares on-market, and yesterday snapped up another 500,000 for a consideration of $163,250, or $0.325 to $0.33 per share.

Under the program, Neometals can buy back up to 28.1 million shares, and has so far purchased circa 1.9 million on these.

Recently the company outlined that it is proposing to sell its 13.8% stake in the operating Mt Marion Lithium Project.

The company gave notice to its partners, which gives them 30 days to decide whether to exercise their pre‐emptive right to buy Neometals’ shares at the nominated price of $US96 million.

If there is no exercise of those rights, then Neometals is able to offer the shares to third parties.

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