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 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.”