Potash West NL (ASX:PWN) holds a significant shareholding in Lepidico of circa 13%.
Platypus Minerals Ltd (ASX: PLP) has now revealed the execution of a binding term sheet to acquire 100% of Lepidico.
Based on the Platypus share price, the Potash West investment is circa $1.3 million.
Potash West has the shareholding in Lepidico in recognition of its ownership of the K-Max technology.
Lepidico and the L-Max technology
Lepidico is the owner of the L-Max technology, a proprietary metallurgical process that has the potential to extract lithium and other by-products from unconventional sources at a competitive cost.
The L-Max technology delivers an opportunity to create a third supply source of lithium, at competitive pricing.
About the Platypus takeover of Lepidico
Platypus will acquire 100% of Lepidico in exchange for 750,000,000 Platypus shares.
Platypus has secured underwriting to support to undertake a fully underwritten rights issue to raise up to $3.5 million, which will be used to advance the new asset and Platypus’s existing assets.
Patrick McManus, managing director for Potash West, commented: “This is an exciting step forward for Lepidico.
"This funding will allow Lepidico to accelerate the development of their technology into an exciting growing field of lithium compounds for battery usage."
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