African Energy Metals acquires WCM's stake in Manono Sn-Ta-Li project
2022-03-07 11:51:03 [Print]
Canada-based African Energy Metals announced on March 3 that it has acquired Whiskey Cobalt Mining's (WCM) interest in the Manono tin, tantalum and lithium project, in the prolific Manono area of the Democratic Republic of Congo.
As consideration for the acquisition, African Energy Metals will reimburse supported prior expenses, assume certain financial obligations and issue 2.5-million of its common shares to WCM.
A further 2.5-million common shares of African Energy Metals will be placed in escrow only to be released when positive lithium results are obtained from preliminary testing during the due diligence period.
In addition, a royalty of 5% on net revenue from any small-scale tin production will be paid to WCM and is also tied to similar escrow provisions and capped at $500,000.
As consideration for the acquisition, African Energy Metals will reimburse supported prior expenses, assume certain financial obligations and issue 2.5-million of its common shares to WCM.
A further 2.5-million common shares of African Energy Metals will be placed in escrow only to be released when positive lithium results are obtained from preliminary testing during the due diligence period.
In addition, a royalty of 5% on net revenue from any small-scale tin production will be paid to WCM and is also tied to similar escrow provisions and capped at $500,000.
Lithium Manganate Mn 58% Delivered China
Unit:RMB/mt
China lithium carbonate 99.5%mi producers' operating rate statistics by province by month
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