Join our daily newsletter At The Bell to receive exclusive market insights
- Ardiden (ADV) is set to sell off its remaining stake in a lithium joint venture with Green Technology Metals (GT1)
- Through a binding agreement, Ardiden will sell its stake in the Seymour Lake, Root Lake and Wisa Lake assets in Canada to Green Technology
- The sale will see GT1 pay $16 million cash upfront and make a deferred payment of $2.5 million upon reaching a mineral resource of 20 megatons at the JV tenements
- In selling its interest, ADV says it will be better funded to “aggressively explore” its Pickle Lake gold project in north-western Ontario, Canada
- ADV shares are up 6.67 per cent to 0.8 cents and GT1 shares are up 3.61 per cent to 86 cents at 10:38 am AEDT
Ardiden (ADV) has flagged plans to sell off its remaining stake in a lithium joint venture (JV) with Green Technology Metals (GT1).
The companies have signed a binding agreement for Ardiden’s 20 per cent interest in the JV over the Seymour Lake, Root Lake and Wisa Lake assets in northwest Ontario, Canada, to be sold to Green Technology.
Under the deal, GT1 will pay $18.5 million to Ardiden all up — $16 million as an upfront cash payment and the remainder upon reaching a mineral resource of 20 megatons at the JV tenements.
ADV Chair Bruce McFadzean said in selling its interest in the JV, ADV would be better funded to “aggressively explore” its Pickle Lake gold project in north-western Ontario, Canada.
“We are pleased with the transaction, which will see Ardiden emerge as a well-capitalised entity,” he said.
Mr McFadzean also noted that Ardiden would retain material exposure in GT1 through its ownership of around 13 million shares, representing 5.14 per cent of GT1’s shares on issue.
ADV shares were up 6.67 per cent to 0.8 cents and GT1 shares were up 3.61 per cent to 86 cents at 10:38 am AEDT.
