- Junior explorer Battery Minerals (BAT) has bought all of Gippsland Prospecting
- The company issued 439,363,850 fully paid ordinary shares to the vendors, as well as a $500,000 cash consideration
- The acquisition became possible when Gippsland Prospecting was granted Exploration License EL6871, located in western Victoria
- Following the completed transaction, the company’s Board of Directors will have some new members added to it
- Battery Minerals is up 3.85 per cent in early trade, with shares trading for 2.7 cents
Junior explorer Battery Minerals (BAT) has bought all of Gippsland Prospecting.
In early March 2020, the company announced its initial plan, which was to purchase only 67 per cent of Gippsland. However, Battery Minerals later announced an agreement to purchase 100 per cent of the company instead.
The acquisition depended on the key condition of Gippsland Prospecting being granted an exploration license, called EL6871. The exploration license, located in western Victoria, was granted last week, allowing the transaction to finally go ahead.
To acquire Gippsland, Battery Minerals issued 439,363,850 of its fully paid ordinary shares to the vendors along with a $500,000 cash consideration.
Following the completed transaction, Battery Minerals’ board of directors will look somewhat different. A number of Gippsland Directors will join the board at Battery Minerals, while an existing director of the company, Jeremy Sinclair, has stepped down from his position.
The new additions to the company’s board include Dr Darryl Clark and Kent Balas. Dr Clark, an experienced geologist, will become a non-executive director, while Kent will become General Manager of Exploration.
Battery Minerals’ Chairman, David Flanagan, commented on the various changes brought about by the acquisition of Gippsland Prospecting.
“This acquisition delivers the company a large landholding with several gold prospects in close proximity to the highly profitable Stawell mining operation,” David said.
“I would like to thank Jeremy Sinclair for his great service since he joined the company early last year, and I would also like to welcome Darryl Clark as a director and Kent Balas as our GM Exploration,” he said.
Battery Minerals is up 3.85 per cent in early trade, with shares trading for 2.7 cents at 10:28 am AEDT.