Lithium project acquisition to be completed in just weeks
Shares Held: 25,133,333
Options Held: 10,000,000
Late Tuesday afternoon, our Investment Pursuit Minerals (ASX:PUR) announced that its acquisition of the Rio Grande Sur Lithium Project is on track to be completed in the next two weeks.
As first announced in mid-December, PUR is to acquire Trilogy Minerals Pty Ltd, the owner of the Rio Grande Sur Project, a lithium brine project across 9,233 hectares in Argentina
The project is located in South America's "lithium triangle", a region that has produced half of all lithium globally and includes multi-billion dollar lithium majors including SQM and Albemarle.
PUR expects to complete the remaining due diligence items and required documentation this week, with the acquisition to be finalised the following week. Demonstrating confidence that completion will occur imminently, the company reports that its directors have now confirmed their participation in the associated capital raising - receiving shares in lieu of directors’ fees.
For more on the Argentina lithium project, the acquisition and associated raise see our December note: PUR - Now a $31M advanced stage lithium stock.