Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Fe Limited reveals favourable changes to lithium projects acquisition terms

Proactive Investors Friday, 24 May 2019 ()
Fe Limited (ASX:FEL) and Mercury Resources Group have agreed to certain changes in relation to FEL’s acquisition of the Pippingarra Lithium Project and the Marble Bar Lithium Project from Mercury. The parties have agreed to the following variations: • Reduce the number of consideration shares from 15 million to 12.5 million fully paid ordinary shares; • Waiver of the vendor placement condition; and • Amend the terms of the total $200,000 cash consideration payments as follows: non-refundable $50,000 is payable immediately (paid); $50,000 is payable on Completion; and $100,000 is payable following Completion, in the event FEL raises no less than $400,000 through the issue of fully paid ordinary shares from persons introduced by Mercury. READ: Fe Limited to acquire highly prospective lithium projects in Pilbara region FEL had issued 12.5 million consideration shares on May 23, 2019 using its existing 15% capacity under ASX Listing Rule 7.1. The consideration shares are subject to six months voluntary escrow. The company and Mercury continue to work towards completion of the transaction which remains subject to certain conditions precedent before June 30, 2019. READ: Fe Limited secures option over large footprint in world-class Pilbara region, shares surge 50% Earlier this month, FEL entered an exclusive option agreement to acquire up to a 75% interest in 19 gold, copper and lithium tenements located in the Pilbara region of Western Australia. The Macarthur tenement package provides FEL with access to highly prospective ground in a world-class lithium, gold and base metals province near to tier one infrastructure. Early indications suggest one of the tenement package’s leading lithium prospects is the Tambourah Project, located 80 kilometres from Pilbara Minerals Ltd (ASX:PLS) and Altura Mining Ltd (ASX:AJM). Site visits and sampling conducted by Macarthur identified several targets for further exploration with several occurrences of observed pegmatite in outcrop. $2 million placement FEL is undertaking a placement to raise up to $2 million and has already received an initial $338,500 in applications.

You Might Like

Recent related videos from verified sources

WEB EXTRA: Update On Highway Projects Around South Florida [Video]WEB EXTRA: Update On Highway Projects Around South Florida

The team behind the I-395/SR 836/I-95 Design-Build Project released a new informational video on Friday, detailing all the major changes coming to three of Miami's major highways. (Courtesy of the..

Credit: CBS4 Miami     Duration: 04:57Published

Here's Why Nutrisystem Is a Healthy Investment for Tivity Health [Video]Here's Why Nutrisystem Is a Healthy Investment for Tivity Health

Tivity Health , a leading provider of fitness and health improvement programs, recently announced that it has completed its acquisition of Nutrisystem, a leading provider of weight management products..

Credit: The Street     Duration: 08:29Published

Recent related news from verified sources

Lake Resources shares rise after confirming further high-grade lithium brine at Cauchari

Lake Resources NL (ASX:LKE) has confirmed further high-grade lithium brine results from high flow brines at its Cauchari Lithium Brine Project in Argentina....
Proactive Investors

European Metals boosts NPV and IRR at Cinovec with adjustments to process flowsheet

European Metals Holdings Ltd (LON:EMH)(ASX:EMH) has updated the process flowsheet previously developed to enable the production of lithium hydroxide (LiOH.H2O)...
Proactive Investors

Australian Mines launches share purchase plan to raise up to $10 million

Australian Mines Ltd (ASX:AUZ) will launch an underwritten share purchase plan (SPP) to raise $5 million with the ability to take oversubscriptions of up to $5...
Proactive Investors

Azumah Resources raises $2 million in fully underwritten SPP to advance Wa Gold Project

Azumah Resources Limited (ASX:AZM) will raise $2 million by way of a fully underwritten share purchase plan (SPP) with proceeds to advance the company’s...
Proactive Investors

Infinity Lithium's positive test results support PFS at San Jose Lithium Project

Infinity Lithium Corporation Limited (ASX:INF) has received further positive test work results which underpin the positive pre-feasibility study (PFS) at the San...
Proactive Investors

Intermin Resources completes merger with MacPhersons Resources

Intermin Resources Ltd (ASX:IRC) and MacPhersons Resources Ltd have completed their merger through a scheme of arrangement, which was implemented today. The...
Proactive Investors

Element calls in adviser for development funding at Butcherbird

Element 25 Ltd (ASX:E25) has appointed finance advisory group BurnVoir Corporate Finance to commence the process of arranging financing for the development of...
Proactive Investors

Pantoro managing director accepts permanent role with company

Pantoro Ltd’s (ASX:PNR) managing director Paul Cmrlec has accepted a permanent role with the company as it focuses on transitioning to become a mid-tier miner...
Proactive Investors

Other recent news in Business

Power outage cripples ARGENTINA and Uruguay, 48 million affectedLabor questions PALADIN contract extension
SAUDI PRINCE calls for stand on tankers9 Spokes and Microsoft see significant user traction for Bank of NEW ZEALAND white-label deployment
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.