Lord Resources Limited (ASX: LRD) has completed the acquisition of the Jingjing Lithium Project in Western Australia.
Lord has paid $10,000 in cash and issued 900,000 fully paid ordinary shares to the vendor, Amery Holdings Pty Ltd and their nominees. 450,000 fully paid ordinary shares will be escrowed for three months and 450,000 fully paid ordinary shares will be escrowed for six months.
A milestone payment of $100,000, payable in cash or fully paid ordinary shares in Lord will be payable within 30 days of the earlier of:
(i) Lord achieving intercepts of 10% m equivalent or better in two drill holes (for example this could be 10m at 1% Li2O or 7.0m at 1.5% Li2O or if gold then 10m at 20g/t or 5.0m at 40g/t Au based on current PLS quarterly average spodumene pricing; or
(ii) Lord making a Decision to Mine.
In addition, Lord will also grant Amery a 0.5% Net Smelter Return (‘NSR’) royalty on minerals produced from the tenements.
We are excited to have completed the acquisition of the Jingjing Project as it aligns with the company’s exploration strategy of unearthing opportunities in WA’s Super Lithium Province,” Managing Director, Barnaby Egerton-Warburton, said.
For further information please visit : https://lordresources.com/