HomeBattery metalsProspect increases ownership of Arcadia lithium project to 87%

Prospect increases ownership of Arcadia lithium project to 87%

Prospect Resources has announced that it has completed the transaction to increase its ownership in the Arcadia Lithium Project by 17% to 87%.

Following receipt of requisite approvals (including Prospect shareholder approval), completion of this transaction has resulted in the issue of 9,497,680 new fully paid Prospect ordinary shares and the payment of A$1,187,210 cash to Farvic Consolidated Mines.

Prospect Resources’ Arcadia pilot plant officially opened
Prospect’s pilot plant on schedule and on budget for Q2 CY2021

Prospect Resources now has 383,523,535 shares on issue. The shares issued to Farvic are subject to a voluntary escrow, with 25% of the shares set to be released every 6 months.

Prospect Managing Director, Sam Hosack, said “Completing the Farvic transaction provides an immediate benefit to Prospect Resources as it now owns an additional 17% of the quality Arcadia Lithium project.” “The increase in ownership will have a major positive impact on our funding of the Arcadia Lithium project.”