Todd River Resources Limited acquired Ross Lake Lithium Project and MAC Lithium Project from DG Resource Management Ltd. and Hale Court Holdings Pty Ltd for AUD 4.4 million.
Tranche 1 (100,000,000):Performance Rights shall vest and be exercisable into Shares where the Company announces results of rock chip sampling undertaken at any of the mineral claims comprising the Ross Lake Lithium Project or the MAC Lithium Project of at least 3 rock chips with grade of at least 1.00% Li2O prior to the Expiry Date1. Milestone date for tranche 1 is Two (2) years from completion. Tranche 2 (100,000,000):Performance Rights shall vest and be exercisable into Shares where the Company achieves either: (a) a drilled intercept of at least 10m @ 1.00% Li2O; or (b) announces a surface channel sample interval of at least 10m of 1.00% Li2O at any of the mineral claims comprising the Ross Lake Lithium project or the MAC Lithium Project prior to the Expiry Date1. Milestone date for tranche 2 is Three (3) years from completion. Tranche 3 (300,000,000): Performance Rights shall vest and be exercisable into Shares where the Company delineates a JORC compliant Mineral Resource of at least 10Mt with grade of at least 1.00% Li2O at the Ross Lake Lithium Project or MAC Lithium Project, as verified by an independent competent person under the JORC Code 2012, prior to the Expiry Date1 . Tranche 3 shall vest on a prorata basis in accordance with the size of the tonnage announced from time to time, for example, if 5Mt is delineated, 50% of the Performance Rights shall vest with the remaining Performance Rights remaining on issue in accordance with the Performance Rights terms. Milestone date for tranche 3 is four(4) years from completion. Completion of the acquisition and placement is subject to obtaining shareholder approval to issue the relevant securities, and both transactions are inter-conditional on the other completing. As of November 22, 2023, Todd River Resources Limited completed placement raising a total of $4.8 million.
Todd River Resources Limited (ASX:TRT) completed the acquisition of Ross Lake Lithium Project and MAC Lithium Project from DG Resource Management Ltd. and Hale Court Holdings Pty Ltd on November 22, 2023.