Lithium Consolidated Ltd (ASX:LI3) has entered into a binding term sheet with the shareholders of Warrigal Pty Ltd to acquire 100% of Warrigal.
Warrigal is a WA-based resource and exploration company with four high-quality projects (Warriedar, Messenger, Euro and Range) in the Mount Magnet and Yalgoo mineral fields within the Murchison Province about 500 kilometres northeast of Perth.
Chief executive officer Andrew Haythorpe said: “We are delighted to have secured the first rights to this significant and highly prospective gold and base metals portfolio which bolsters our WA ground holding while diversifying our commodity base.”
- Lithium Consolidated has agreed to issue an exclusivity fee to Warrigal shareholders and has agreed to acquire Warrigal over three tranches;
- Completion of the three tranches is subject to various conditions including Li3 conducting and being satisfied in all respects with the results of their legal, financial and technical due diligence investigations; and
- Warrigal will have the right to nominate two persons as directors of Li3 on completion of Tranche 3.