Appendix 4D & Half Yearly Report
Melbourne, Aug 29, 2023 AEST (ABN Newswire) - During the June Quarter the Company announced (ASX Announcement 29 May 2023) that it had entered into five binding sale and purchase agreements ("Acquisition Agreements") for the acquisition of lithium and rare earth projects.
Under the terms of the Acquisition Agreements, upon satisfaction of various conditions precedent, the Company would acquire:
a. an 80% interest in the Apollo Lithium Project, Adina South Project, Adina West Project and Margot Lake Project (together, the Canadian Lithium Projects); and
b. an 80% interest in the Voyager Project and a 100% interest in the Lefroy Project (together, the Australian Projects), (collectively, the Proposed Acquisitions).
The Proposed Acquisitions would amount to a significant change to the nature and scale of the Company's activities and as such, the Company was required to obtain shareholder approval under ASX Listing Rule 11.1.2 at a general meeting and re-comply with Chapters 1 and 2 of the ASX Listing Rules in accordance with ASX Listing Rule 11.1.3 (Re-compliance).
On completion of the Transaction (Completion), the Company will be reinstated as a diversified explorer and developer with a focus on lithium and rare earths. In line with this new direction, the Company sought shareholder approval to change its name to 'Lithium Universe Limited'.
To assist the Company to re-comply with Chapters 1 and 2 of the ASX Listing Rules, the Company planned, subject to obtaining shareholder approval, to undertake a public offer of shares under a full form prospectus (Prospectus) for the issue of up to 225,000,000 fully paid ordinary shares in the capital of the Company (Shares) at an issue price of $0.02 per Share to raise up to $4,500,000 (Public Offer). The Public Offer will be undertaken on a post-Consolidation basis.
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https://abnnewswire.net/lnk/SOX1FAS0
About Lithium Universe Ltd
Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) is a forward-thinking company on a mission to close the "Lithium Conversion Gap" in North America and revolutionize the photovoltaic (PV) solar panel recycling sector. The company is dedicated to securing the future of green energy by addressing two major strategic initiatives: the development of a green, battery-grade lithium carbonate refinery in Quebec, Canada, and pioneering the recycling of valuable metals, including silver, from discarded solar panels.
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