Jadar Lithium Ltd.: Completion of Acquisition of Austrian Lithium Exploration Assets adjacent to the successful Wolfsberg Project
(firmenpresse) - Completion of Acquisition of Austrian Lithium
Exploration Assets adjacent to the successful Wolfsberg Project
Highlights
- Jadar has completed the acquisition of the Austrian Lithium Exploration Licences through its 80% owned entity, Subsidiary Jadar Lithium GmbH
- Two Exploration areas in Austria (a mining-friendly EU jurisdiction) containing 99 licences Freischürfe
- Licences surround European Lithium Limiteds Wolfsberg lithium deposit
- Attractive exploration assets which will complement the existing European projects
- Strategically placed for European manufactures using lithium
4 February 2019, Jadar Lithium Limited (ASX: JDR) (Jadar or the Company) is pleased to announce the completion of the acquisition of 80% of Austrian Exploration Licences from Exchange Minerals Limited, with a first right of refusal over the remaining 20% (Acquisition).
Jadar has established an 80% owned Austrian subsidiary (Subsidiary Jadar Lithium GmbH), which holds the Austrian Exploration Licences.
APPOINTMENT TO THE BOARD
Under the terms of the Acquisition, Mr Steven Dellidis is appointed to the Board of Jadar Lithium Limited. Mr Dellidis has been involved in project management and strategic investment for over 20 years. He has significant experience in managing a number of listed companies and has assisted in the initial acquisitions of important assets bolstering company profiles. Mr Dellidis has a broad range of experience from start to end project management and is a hands-on individual who is active in the supervision of early type of project management.
Mr Dellidis currently runs a variety of businesses across a range of industries from mechanical engineering to earth moving, with an understanding of site construction and off site camp building involving environmental study impact on areas of work and setup. His skills will reinforce the talents and diversity of the Board.
CAPITAL STRUCTURE
The Company will today issue securities as consideration for the Acquisition as follows:
Description Shares Options
Current issued capital 389,530,53675,250,000
Securities issued pursuant to 90,909,091 25,000,000(i
the )
Acquisition
Total post completion 480,439,627100,250,000
(i) Options exercisable at AU$0.03 per Option on or before expiry dated of 31 July 2020.
Shareholders approved the issue of the securities at the Companys Annual General Meeting held on 23 November 2018.
PROJECT OVERVIEW
The Austrian Lithium Exploration Licences are located in Carinthia, ~270 km south of Vienna, Austria and 20 km east of Wolfsberg, an industrial town, with established infrastructure, including access to the European motorway and railway network. Other mining activities are already established in the area. The main industry in the area is forestry and a pulp and paper mill is in operation nearby.
The Austrian Lithium Project Exploration Licences comprises two exploration areas made up of 99 exploration licences, which together cover a total area of 46.5 km2, and are valid until 31 December 2020. The Austrian Lithium Projects Exploration Licences are strategically placed for European manufacturers using lithium.
The Austrian Lithium Licences are considered prospective for lithium and other pegmatite hosted minerals. There has been no recent geological exploration for these minerals by any public company or any mine production on any of the project areas.
https://www.irw-press.at/prcom/images/messages/2019/45786/2019-02-04 JDR_ASX_Austrian Lithium Completion_PRCOM.001.png
Figure 1; Austrian Project Location Map.
The Austrian Lithium Exploration Licences surround European Lithium Limiteds (ASX: EUR) underground Wolfsberg Lithium project which announced on 3 July 2017 a JORC total Resource of 10.98MT (at) 1.00% Li2O, with 37 exploration permits (together covering an area of 7.62 km2) overlapping those of European Lithium Limited (see figure 1 above). The potential extensions of European Lithium Ltd´s lithium deposit to the NW and SE are not known at the moment.
ENDS
Further Enquiries
Luke Martino
Non-Executive Chairman
Tel: +61 8 6489 0600
E: luke(at)jadarlithium.com.au -
Leseranfragen:
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