- Ragnar Metals (RAG) announces the company and shareholders of WestOz Lithium have mutually agreed to terminate the agreement for Ragnar to buy WestOz
- In November, Ragnar entered a heads of agreement to buy WestOz in an effort to boost its presence in Western Australia’s Pilbara and Gascoyne regions
- However, now the deal will not go through and Ragnar has not given any details to the market on why
- Ragnar said it will now focus on its Tullsta nickel project in Sweden
- Just before the market opens for the morning, Ragnar was trading at 3.2 cents per share
Ragnar Metals (RAG) has announced the company and shareholders of WestOz Lithium have mutually agreed to terminate the agreement for Ragnar to buy WestOz.
In November, Ragnar entered a heads of agreement to buy WestOz in an effort to boost its presence in Western Australia’s Pilbara and Gascoyne regions.
For WestOz, Ragnar agreed to 10 million shares at a deemed issue price of 3.5 cents per share and 10 million shares exercisable at 5 cents each.
WestOz is the applicant for five highly prospective lithium tenements, located close to the Wodgina and Pilgangoora lithium operations.
However, now the deal will not go through and Ragnar has not given any details to the market on why.
Ragnar said it will now focus on its Tullsta nickel project in Sweden.
“The company remains focussed on devoting its resources to progressing the next stages of the exploration of the Granmuren Deeps nickel-copper discovery at Tullsta,” the company said.
At the project, the company is planning a geophysical survey to build a detailed 3D geophysical model to drive the next round of exploration targeting and regional analysis of the Granmuren magmatic intrusion.
Just before the market opens for the morning, Ragnar was trading at 3.2 cents per share.