Global Lithium Resources Limited completed the acquisition of Manna Lithium Project from Breaker Resources NL.
November 15, 2022
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Global Lithium Resources Limited (ASX:GL1) entered into binding agreement to acquire the remaining 20% stake in Manna Lithium Project from Breaker Resources NL (ASX:BRB) on October 25, 2022. In related transaction, Global Lithium Resources entered into an agreement to acquire E28/2551 and E28/2522 Manna Tenements from Breaker Resources. The total consideration paid for both transactions is AUD 40 million. Total cash consideration payable to Breaker of AUD 60 million due at completion, which includes an amount of AUD 20 million by way of deferred consideration relating to Global Lithium's initial acquisition of the 80% interest in Manna in December 2021 which Global Lithium has agreed to pay on an accelerated basis. In addition to the Cash Consideration, Global Lithium will grant Breaker a NSR Royalty of 1.5% for all minerals, excluding Precious Metals, produced from the Tenements but excluding the project area of Manna. Completion of the Manna Transaction is not subject to any conditions precedent and is expected to occur by November 15, 2022. Argonaut PCF Limited acted as financial advisor and Corrs Chambers Westgarth acted as legal advisor to Global Lithium in relation to the Manna Transaction and the Equity Raising.
Global Lithium Resources Limited (ASX:GL1) completed the acquisition of Manna Lithium Project from Breaker Resources NL (ASX:BRB) on November 16, 2022.
Global Lithium Resources Limited is a diversified West Australian focused mining exploration company. The Company has multiple assets in key lithium branded jurisdictions with a primary focus on the 100%-owned Manna Lithium Project in the Goldfields and the Marble Bar Lithium Project (MBLP) in the Pilbara region, Western Australia. The Manna Lithium Project is an outcropping pegmatite exploration project located approximately 100 kilometers (km) east of Kalgoorlie in the Goldfields region of Western Australia. The tenements in Manna Lithium Project include E28/2551, E28/2522, M28/414, E28/3357, E28/3359, E28/3361, E28/3399, E28/3400, E28/3401, and others. The MBLP is located approximately 150 km south-east of Port Hedland and 15 km north-east of Marble Bar in the Pilbara region of Western Australia. The tenements in MBLP include E45/4309, E45/4328, E45/4361, E45/4724, E45/4669, E45/5812, E45/5843, E45/6454, E45/6562, and E45/6564.