- Ragnar Metals (RAG) has agreed to purchase WestOz Lithium in an effort to boost its presence in Western Australia’s Pilbara and Gascoyne regions
- WestOz is the applicant for five highly prospective lithium tenements, located close to the Wodgina and Pilgangoora lithium operations
- For WestOz, Ragnar will issue 10 million shares at a deemed issue price of 3.5 cents per share and 10 million shares exercisable at 5 cents each
- The deal is subject to a number of conditions such as a due diligence, shareholder and regulatory approvals
- On market close for the day, Ragnar is in the grey and trading at 4.5 cents per share
Ragnar Metals (RAG) has agreed to purchase WestOz Lithium in an effort to boost its presence in Western Australia’s Pilbara and Gascoyne regions.
WestOz is the applicant for five highly prospective lithium tenements, located close to the Wodgina and Pilgangoora lithium operations.
In exchange for WestOz, Ragnar will issue 10 million shares at a deemed price of 3.5 cents each plus another 10 million shares exercisable at 5 cents.
The deal is subject to a number of conditions such as the completion of due diligence, and both shareholder and regulatory approvals.
During the due diligence, Ragnar will undertake a desktop review of available historical geological information and other project information. Subject to the satisfaction of this review, the company will consider further steps including a site visit.
Ragnar’s Chairman Steve Formica said the purchase represents an excellent opportunity for Ragnar to secure highly prospective tenements in WA.
“WestOz has applied for a significant land area in a premium location, in close proximity to established lithium operations such as Wodgina and Pilgangoora. In addition, WestOz applications are adjacent to Global Lithium’s Marble Bar Lithium Project which recently attracted investment from a major Chinese battery producer,” he said.
“We are excited about the acquisition opportunity and in furthering our current EV and clean energy exposure from our current nickel interests in Sweden. Ragnar has been focused on exploring its nickel interests in Sweden, which we will continue to do so in conjunction with assessing the WestOz opportunity fully.”
On market close for the day, Ragnar was in the grey and trading at 4.5 cents per share.