viewLotus Resources

Lotus Resources begins process to increase ownership of Kayelekera Project in Malawi

Following the completion of the acquisition, Lotus will hold an 85% interest in the project and the Government of Malawi 15%.

Lotus Resources -
Lotus currently owns a 65% interest in the Kayelekera Uranium Project in Malawi.

Lotus Resources Ltd (ASX:LOT) has started a process to increase its ownership of the Kayelekera Uranium Project in Malawi, Africa.

The project is currently owned, indirectly by Lotus (65%), the Government of Malawi (15%) and Kayelekera Resources Pty Ltd (KRPL) (20%), an entity controlled by Lotus director Grant Davey.

Pursuant to its shareholders agreement with KRPL, Lotus has the right to acquire all of KRPL's shares in Lily Resources Pty Ltd (Buy-Out Right) – the incorporated joint venture between KRPL and Lotus – for an agreed, or independently determined price.

The company intends to exercise the Buy-Out Right and has formed an independent committee of the Lotus board to manage the implementation of the acquisition.

Completion of the acquisition will require the approval of Lotus shareholders.

Following the completion of the acquisition, Lotus will hold an 85% interest in the project and the Government of Malawi 15%.

Board changes

Lotus has appointed Michael Bowen as non-executive chairman and Mark Hanlon as non-executive director of the company, effective immediately.

Bowen is a partner of the national law firm Thomson Geer and practices primarily corporate, commercial and securities law with an emphasis on mergers, acquisitions, capital raisings and resources.

He is also a non-executive director of ASX listed company Omni Bridgeway Limited, where he is chair of the remuneration committee and a member of the audit and risk, corporate governance and nomination committees.

Bowen has been admitted as a barrister and solicitor of the Supreme Court of Western Australia since 1979 and is also admitted as a solicitor of the High Court of Australia.

Hanlon is currently a non-executive director with ASX listed company Red River Resources Limited where he also chairs the audit and risk committee.

He is also non-executive chair of ASX listed company, Copper Strike Limited.

John Sibley and Stuart McKenzie have stepped down from the board.

Trading halt

Lotus is in trading halt regarding a capital raising.

The halt will remain in place until Wednesday February 24 or when an announcement is made to the market, whichever occurs earliest.

Quick facts: Lotus Resources

Price: 0.1275 AUD

Market: ASX
Market Cap: $104.61 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Lotus Resources named herein, including the promotion by the Company of Lotus Resources in any Content on the Site, the Company receives from...


Lotus Resources: Strong demand for $12.5m raise for 'technical study to lead...

Lotus Resources Ltd's (ASX:LOT) Keith Bowes tells our proactive audience the rationale behind their $12.5m raise which will be partly used for their technical study which will lead into a feasibility study, which is the 'key study that we would like to complete within the next 18 months'. Bowes...

1 week, 1 day ago

2 min read