Neometals Ltd [ASX: NMT] announced that neither of its joint ventures in RIM have accepted that offer to purchase their 13.6% holding in the Mt. Marion lithium project within the offer period in the terms of the pre-emptive rights procedures under the Shareholders Agreement in respect of RIM.

Neometals is now entitled within the next 60 to dispose of its equity interest in RIM to a third party on terms no less favourable to Neometals than those offered to its joint venture partners.

Neometals Ltd [ASX: NMT] announced on 7th April 2017 that it had issued an offer by way of notice of sale to its joint venture partners of all its remaining 13.8% interest in Reed Industrial Minerals Pty Ltd, the holder of the Mt Marion Lithium Project, for a sale price of US$96,001,080.

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Neometals now announces that neither of its joint ventures in RIM have accepted that offer within the offer period in the terms of the pre-emptive rights procedures under the Shareholders Agreement in respect of RIM.

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As neither joint venturer has exercised their rights, Neometals is now entitled within the next sixty days to dispose of its equity interest in RIM to a third party on terms no less favourable to Neometals than those offered to its joint venture partners.

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Neometals is now in discussions with interested third parties and will advise the market of any material developments.

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