Ann: Raw materials review continues, page-7

First 7 Last

Share
Profile

Follow
sqe

6,939 Posts.

3626

20/11/19

20:06

Post #: 41540049
Share

Originally posted by homeales: ↑

LIT Agreement (Emu Lake Project)

The Company has entered into an option agreement with Lithium Australia NL (LIT)dated 12 April 2019 (LIT Agreement), pursuant to which LIT has granted the Companythe exclusive option to acquire a 100% legal and beneficial ownership of explorationlicence E27/562 (LIT Tenement) (LIT Option). The Company has paid an option fee of$1 for the LIT Option.The LIT Option is valid for a period of 24 months from the execution date of the LITAgreement (LIT Option Period).The Company may exercise the LIT Option at any time during the Option Period, andwill be deemed to have exercised the LIT Option on the date that it notifies LIT ofreceipt of a Conditional Admission Letter from ASX.On exercise of the LIT Option, the Company must issue to LIT 300,000 Shares at adeemed issue price of $0.20 each (LIT Shares). The issue of the LIT Shares is subjectto the Company obtaining shareholder approval for such issue (if required).As an alternative to the issue of the LIT Shares, the Company may make a cash paymentof $60,000 to LIT in the event that the Company elects to exercise the LIT Option priorto receipt of a Conditional Admission Letter from ASX.LIT retains the right to explore for, mine, treat and own Lithium on the LIT Tenement(LIT Lithium Rights) and contemplates that the parties may enter into a formalagreement to govern the shared mineral rights and the coordination of activities onthe LIT Tenement (there are currently no terms and conditions in the LIT Agreementthat address this). The LIT Lithium Rights do not preclude the Company from sellingthe LIT Tenement (in part or in whole) provided a deed is entered into with LIT.The LIT Agreement contains additional provisions, including various warranties infavour of the Company in respect of the LIT Tenement, which are considered standardfor agreements of this nature.

What this 2 YEAR option was given in April 2019 for $1 to buy for effectively $60,000 .How many more are there as this is way before appointing a Raw Materials Manager

Expand

I'm glad you picked up on this. Funny the language used between the 2 companies. Lithium Australia states "Agrees to sell", however, if you look at the IPO, as you have pointed out, Metal Hawk have the option to acquire. It's a typical strategy used by this company.

The snippet below is straight from Metal Hawk's prospectus. You can get the prospectus from their homepage here (https://www.metalhawk.com.au/prospectus)

So from Metal Hawk's perspective, they have "entered into an option agreement with Lithium Australia" which actually is dated April 2019.

LIT haven't sold the tenement, they have an option agreement.

As always, DYOR on this company

LIT Price at posting: 3.3¢ Sentiment: Sell Disclosure: Not Held
4 Upvote

0 Great analysis

Reply

Top Stories

ASX Market Close: Climbing to 8,700s based on vibes wasn't sustainable

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

WA8

Warriedar aims for Ricciardo MRE upgrade on 'thick, high-grade' gold and antimony

PSC

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

PTX

This rare type of lymphoma ruins the body – so do existing treatments. Prescient could have a solution

First 7 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 1.1¢		Change 0.000(0.00%)		Mkt cap ! $18.59M

Open	High	Low	Value	Volume
1.1¢	1.2¢	1.0¢	$16.09K	1.468M

Buyers (Bids)

No.	Vol.	Price($)
19	3877128	1.0¢

Sellers (Offers)

Price($)	Vol.	No.
1.1¢	146504	2

View Market Depth

No.	Vol.	Price($)
19	3877128	0.010
40	9252569	0.009
38	11092620	0.008
12	5384241	0.007
4	3200000	0.006

Price($)	Vol.	No.
0.011	146504	2
0.012	5232481	20
0.013	2925296	5
0.014	2496200	7
0.015	3649173	11

Last trade - 16.10pm 21/07/2025 (20 minute delay)

LIT (ASX) Chart

Ann: Raw materials review continues, page-7

ASX Market Close: Climbing to 8,700s based on vibes wasn't sustainable

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

Warriedar aims for Ricciardo MRE upgrade on 'thick, high-grade' gold and antimony

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

This rare type of lymphoma ruins the body – so do existing treatments. Prescient could have a solution

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Raw materials review continues, page-7

Top Stories

ASX Market Close: Climbing to 8,700s based on vibes wasn't sustainable

Listen: HotCopper Wire Podcast 018 – Potatoes, TACOs, and the $120M helicopter heist

Warriedar aims for Ricciardo MRE upgrade on 'thick, high-grade' gold and antimony

Prospect's Mumbezhi Project puts it at the middle of copper's megatrend. And FQM just bought in

This rare type of lymphoma ruins the body – so do existing treatments. Prescient could have a solution

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News