17 April 2024
17 April 2024
The deal positions Rinehart as a substantial shareholder with 5.82% voting power in the rare earths producer.
The company has agreed to issue five million of its common shares, representing an aggregate amount of $250,000 (C$344,992).
The move is expected to bolster the company's financial position as it advances its Casino Project in the Yukon Territory.
The selected partner is expected to receive a 49% stake in the lithium project.
The company is weighing options for the Araguaia project including sale of assets or securing financing at the subsidiary level.
The company noted that it has not yet reached any definitive agreements regarding the acquisition but remains actively involved.
Valid until 31 December 2024, this licence allows the company to buy, sell and export manganese ores.
Proceeds will be used to evaluate several recently defined high-priority exploration targets.
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