Battery Minerals Limited (ASX: BAT) is pleased to advise that, further to its announcement on 2 March 2020, it has signed a binding agreement to acquire the remaining 33% of Gippsland Prospecting Pty Ltd (Gippsland Prospecting) from Gippsland Prospecting shareholder, Aleksandra Bukacheva (Second Sale Agreement).
This means that, subject to shareholder approval, Battery Minerals will acquire 100% of Gippsland Prospecting, which has the sole right to apply for a highly-prospective exploration licence immediately adjacent to Stavely Minerals' (ASX: SVY) Thursday's Gossan coppergold project in Victoria.
As a result, Battery Minerals will pay the shareholders of Gippsland Prospecting an aggregate of $500,000 and issue them 439,363,850 shares in return for 100% of Gippsland Prospecting. Block 4 will be renamed E67801 on grant of the exploration licence.
The acquisition is subject to the approval of Battery Minerals shareholders and the grant of the exploration licence. As previously advised on 2 March 2020, under the terms of the agreement, Gippsland Directors Kent Balas and Darryl Clark, who are both exploration geologists, will become Directors of Battery Minerals.
Battery Minerals Chairman David Flanagan said this latest agreement would increase the Company's exposure to the highly promising project and simplify the ownership structure.
'This makes great sense for all parties,' Mr Flanagan said. 'Battery Minerals shareholders will have increased exposure to what is a highly prospective project with outstanding geological merit while the simplified ownership structure will assist with implementing an aggressive and flexible exploration program.'
Contact:
David Flanagan
Tel: +61 8 6148 1000
Email: info@batteryminerals.com
Forward Looking Statements
Statements and material contained in this document, particularly those regarding possible or assumed future performance, resources or potential growth of Battery Minerals Limited, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Such forecasts and information are not a guarantee of future performance and involve unknown risk and uncertainties, as well as other factors, many of which are beyond the control of Battery Minerals Limited. Information in this presentation has already been reported to the ASX. All references to future production and production & shipping targets and port access made in relation to Battery Minerals are subject to the completion of all necessary feasibility studies, permit applications, construction, financing arrangements, port access and execution of infrastructure-related agreements. Where such a reference is made, it should be read subject to this paragraph and in conjunction with further information about the Mineral Resources and Ore Reserves, as well as the relevant competent persons' statements.
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