Askari Metals Limited (ASX: AS2) has completed the acquisition of the 80% interest in exploration licence EPL 8535 covering an area of approximately 195 sq. km forming part of the Uis Lithium Project, located in Namibia.
– Askari has completed the acquisition of the initial 80% interest in EPL 8535 covering an area of approximately 195 km2 forming part of the Uis Lithium Project, located in Namibia
o exploration RC drilling is ongoing with significant pegmatites intersected
o the Company will provide Shareholders with an update on its exploration activities
– Completion of the acquisition of the initial 80% interest in EPL 8535 satisfies the first condition precedent pursuant to the Subscription Agreement entered into between the Company and Zhejiang Huayou Cobalt Co., Ltd
– Completion of the acquisition of the initial 90% interest in EPL 7345 is progressing well and is expected to be completed shortly
– Askari continues to technically assess and evaluate other complementary projects surrounding the Uis Lithium Project for acquisition
Pursuant to the terms of the binding Agreement between the Company and the shareholders of Earth Dimensions Consulting Pty Ltd, the Company has incorporated a local Namibian subsidiary (wholly owned) which owns the initial 80% interest in Earth Dimensions Consulting Pty Ltd. The remaining 20% interest is held by the existing shareholders of Earth Dimensions Consulting Pty Ltd.
The company has issued the shareholders of Earth Dimensions Consulting Pty Ltd a total of 4,000,000 ordinary shares in the capital of Askari, of which 20% are freely tradeable with the remaining balance subject to escrow for a period of 12 months from the date of issue.
For further information please visit: https://www.askarimetals.com/