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    • Rapid Lithium signs binding term sheet to acquire New Energy
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    Rapid Lithium signs binding term sheet to acquire New Energy

    Umito Posted on

    Rapid Lithium has confirmed that this transaction complements its recent acquisition of Midwest Lithium. Credit: BJP7images/Shutterstock.

    Rapid Lithium, formerly known as Armada Metals, has entered into a binding agreement to acquire the entire issued share capital of New Energy.

    This agreement establishes the framework and key terms under which Rapid Lithium and Patriot Lithium will work to enter into formal, long-term agreements to implement the proposed transaction.

    New Energy owns 100% of the Black Hills Project, which includes the Keystone and Tinton West projects.

    The Keystone Project is located near the town of Keystone, a small community located in the east-central portion of the Black Hills, approximately 16 miles southwest of Rapid City.

    Under the terms of the agreement, Rapid Lithium will issue 59.36 million shares of common stock to Patriot Lithium, with the shares subject to voluntary escrow for 12 months from the date of issuance.

    Rapid Lithium has confirmed that this transaction complements its recent acquisition of Midwest Lithium and supports its strategic focus on the exploration of hard rock lithium assets in the United States.

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    Completion of the transaction is subject to Rapid Lithium successfully completing legal, financial, tax and technical due diligence, as well as obtaining all required regulatory and third-party approvals.

    The two companies will further negotiate and execute formal, long-term agreements to comprehensively document the terms of the proposed transaction.

    Martin Holland, Managing Director of Rapid Lithium, said: “This acquisition positions the Company as one of the largest strategic landowners in South Dakota, USA, and is adjacent to some of the Company’s newly acquired assets.

    “Following the recent announcement of the presidential victory, the company anticipates that holding strategic lithium assets in the United States will become increasingly valuable. I look forward to exploring these vast hard rock lithium pegmatites.

    The two companies will further negotiate and execute formal, long-term agreements to comprehensively document the terms of the proposed transaction.

    Patriot Chairman Hugh Warner said, “This transaction provides Patriot shareholders an opportunity to participate in the consolidation of lithium acreage in the Black Hills.

    “Our stated intention was to participate in such a plan and after reviewing candidate companies to lead such an aggregation project, we determined that Rapid Lithium, led by Martin Holland, was best placed. »


    Umito
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