Release of Shares from Voluntary Escrow Complete
Accordingly, 13,077,341 shares have been released from escrow to facilitate the crossing in addition to those shares released from escrow after 7 July 2018. The shares were originally issued as consideration for the acquisition of Bynoe project tenements from LTR and represent the final issue of CXO shares to Liontown.
The release of these shares was conditional upon the shares being traded between 25 July 2018 and 15 August 2018 via a crossing arranged with the broker of LTR (as announced on 10 July 2018). This condition has been satisfied.
Following this crossing transaction, Liontown will no longer be a shareholder of Core.
About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
Liontown Resources Limited
Core Lithium Ltd