- Tyranna Resources (TYX) is set to acquire an 80 per cent interest in the Namibe lithium project in Angola
- The company signed a binding terms sheet to acquire Angolan Minerals through a mix of consideration shares and options, as well as performance shares
- Tyranna considers the lithium project to be a new opportunity as it contains the Giraul pegmatite field which hosts hundreds of pegmatites that haven’t been explored
- In addition to the buy, the company has launched a $1.1 million placement to develop its projects, for business development and for general working capital
- TYX shares are up 33.3 per cent and are trading at 0.8 cents
Tyranna Resources (TYX) has executed a binding terms sheet to acquire a majority interest in Angolan Minerals.
Through the 80 per cent acquisition, the company will become the majority owner of the Namibe lithium project in Angola.
While the company’s focus has been on its Australian nickel and gold prospects, it considers the acquisition to be an opportunity to expand its horizons and explore within the prospective West African region.
The project covers 207 square kilometres and contains the ‘potentially significant’ Giraul pegmatite field in which 600 or more pegmatites are exposed within a 25-kilometre-long by 10-kilometre-wide area.
The Giraul pegmatite field was discovered in the 1960s but none of the known pegmatites have ever been drill tested. The company said less than 10 per cent of the pegmatite field has seen limited exploration. Despite this, lithium minerals are known to occur in six locations with spodumene present at three of them.
Tyranna Resources plans to examine and sample the pegmatites and will complete additional fieldwork on the pegmatites that contain lithium minerals. The company hopes this will help to define targets for near-term drilling.
Under the transaction, Tyranna will acquire 80 per cent of Angolan Minerals from its current shareholders for a mix of consideration shares and options, as well as performance shares.
Tyranna will also free carry the sellers’ retained 20 per cent stake in Angolan Minerals in respect of all exploration expenditure until a bankable feasibility study on Angolan’s tenements is complete.
Another term of the transaction is Paul Williams will join the Tyranna Board as an executive director. Mr Williams brings two decades of experience in the mining and resources sector, working with ASX-listed companies involved in Australia, Angola, Mauritania and Kenya.
Additionally, the company will contract exploration geologist, Peter Spitalny, as Principal Technical Advisor. Mr Spitalny brings about 30 years of experience with a range of minerals and mineralisation styles and a particular interest in pegmatites.
The acquisition is expected to be completed in late July.
In addition, Tyranna received firm commitments to raise $1.1 million through a placement.
The company will issue 220 million shares to sophisticated and professional investors at 0.5 cents per share. Participants will receive one free-attaching option for every two shares subscribed for and the options are exercisable at one cent on or before June 30, 2025.
Tyranna will use the money for the development of its exploration projects, business development and for general working capital.
TYX shares were up 33.3 per cent and were trading at 0.8 cents at market close.