- EV Resources (EVR) waives its first right of refusal to acquire a 20 per cent stake in European Lithium’s (EUR) Austrian lithium projects
- The move resulted in European Lithium announcing the merger of its assets with Sizzle Acquisition Corp, which will provide for the development of EUR’s Wolfsberg project
- Additionally, EV Resources calls off its potential strategic partnership with Ya Hua International Investment and Development
- However, the company says Yahua will continue as a strategic investor in EVR and is supportive of its exploration efforts
- EV Resources is down 8.3 per cent, trading at 2.2 cents, and European Lithium is up 13.9 per cent, trading at 10.25 cents, at 3:24 pm AEDT.
EV Resources (EVR) has waived its first right of refusal to acquire a 20 per cent stake in European Lithium’s (EUR) Austrian lithium projects.
The right gave EVR first dibs on the acquisition of EUR’s interest in the Weinebene and Eastern Alps projects in the event of a sale to a third party.
EV Resources decided not to acquire the interest, and EUR today subsequently announced the merger of its assets with Sizzle Acquisition Corp, which will provide for the development of EUR’s Wolfsberg project, located adjacent to the Weinebene and Eastern Alps projects.
However, EVR’s previous collaboration agreement with EUR still holds, which includes the establishment of a technical advisory committee to enhance projects in connection with the Weinebene and Eastern Alps projects.
Additionally, EV Resources announced its potential strategic partnership with Ya Hua International Investment and Development would not progress.
The partnership was first flagged as part of a memorandum of understanding between the two companies signed in December last year for the sale and purchase of lithium concentrate.
EV Resources reported that Yahua would continue as a strategic investor in EVR and was supportive of the company’s exploration efforts.
EV Resources was down 8.3 per cent, trading at 2.2 cents, and European Lithium was up 13.9 per cent, trading at 10.25 cents, at 3:24 pm AEDT.