Neometals Ltd (ASX: NMT)
Neometals announced that it has accepted an offer for Neometals to relinquish its Mt Marion spodumene offtake option rights for the sum of A$30 million (ex GST).
This transaction bolsters significantly the Company’s already strong balance sheet increasing its cash, receivables and investments to ~A$107million.
|Neometals||ASX : NMT|
|Stage||Production + development|
|Metals||Titanium + Vanadium + lithium + nickel|
|Market cap||A$300 m @ 55 c|
NEOMETALS REALISES A$30 MILLION FOR MT MARION OFFTAKE OPTION
that it has accepted an offer from Reed Industrial Minerals Pty Ltd (“RIM”), the owner of the Mt Marion Lithium Project (Mt Marion), for Neometals to relinquish its Mt Marion spodumene offtake option rights for the sum of A$30 million (ex GST).
- Mt Marion spodumene offtake option relinquished for A$30 million cash payment within 10 business days;
- The Company retains significant exposure to the lithium-ion battery supply chain through its Primobius battery recycling JV and portfolio of proprietary lithium processing technologies;
- Neometals’ cash, receivables and investments increase to ~A$107 million;
- Commenced a strategic review of the Indian lithium refinery project.
The full Neometals announcement can be viewed and downloaded here
Neometals Offtake Agreement Synopsis
Mineral Resources Limited (“MRL”) (together the “Mt Marion Partners”).
announcement dated 20th June 2019 titled “MOU – Lithium Refinery in India).
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