- Lithium-gold explorer QX Resources (QXR) enters a strategic partnership with China-based Suzhou TA&A Ultra Clean Technology, raising $2.85 million in the process
- Suzhou will subscribe for 75 million shares at a price of 3.8 cents each, to be issued under the company’s placement capacities
- In conjunction with the share subscription, the companies executed a binding Memorandum of Understanding (MOU)
- This will see the companies negotiate a collaboration agreement for future exploitation of all QXR’s lithium exploration projects in Western Australia
- Shares closed 32.36 per cent higher today at 4.1 cents each
Lithium-gold explorer QX Resources (QXR) has entered a strategic partnership with China-based Suzhou TA&A Ultra Clean Technology, raising $2.85 million in the process.
Suzhou will subscribe for 75 million shares at a price of 3.8 cents each, to be issued under the company’s placement capacities.
In conjunction with the share subscription, the companies executed a binding Memorandum of Understanding (MOU).
This will see the companies negotiate a collaboration agreement for future exploitation of all QXR’s lithium exploration projects in Western Australia.
Suzhou will have a first right of refusal on any future lithium offtake from QXR’s lithium exploration projects.
Suzhou is listed on the Shezhen stock exchange and holds investments in the lithium sector.
It has a 75 per cent holding in lithium hydroxide producer, Yibin Tianyi, which is aiming to become one of the largest lithium hydroxide producers in the world.
Chairman Maurice Feilich said he is delighted to welcome Suzhou as a cornerstone investor.
“This is an excellent development for our company, a strong vote of confidence in our lithium exploration projects, and it brings an experienced and large lithium sector investor onto our register,” he said.
“As well, their desire to collaborate with us on project exploration, development and secure future offtake for any lithium we discover on our projects delivers huge value at multiple levels to QXR.
“We now have the added financial flexibility to fast-track and scale up exploration activities in Western Australia as well as continuing to invest in ongoing trenching and drilling of our Drummond Basin gold assets where we are achieving excellent results.”
Shares closed 32.36 per cent higher today at 4.1 cents each.