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MarcEdge101

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20/12/22

10:49

Post #: 65379073
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Originally posted by mondyinvest: ↑

From the AFR today:

Battery metals play Arizona Lithium stumps up $80m for Canadian peer

It’s M&A time at ASX-listed explorer Arizona Lithium. Street Talks understands Arizona’s set to buy Canada’s Prairie Lithium for about $80 million, to sit alongside its Big Sandy project, in a deal expected to be announced as soon as Wednesday. Arizona’s shares were halted on Monday morning citing an unnamed acquisition. Arizona was expected to stump up the purchase price in a 50-50 cash and scrip mix. Sources said Prairie would be about 15 per cent of the combined business. Arizona Lithium could not be reached for comment.

Prairie was incorporated in 2019 by former energy consultant Zach Maurer and is an unlisted business, with some private equity backers (who are now headed for non-substantial stakes on Arizona’s register). It drilled its first holes only last year in the Williston Basin in Saskatchewan, Canada. It’s appeal to Arizona was understood to be two-pronged: a large lithium brine resource that rivals that of $1.2 billion market capitalisation Lake Resources, and the ability for Prairie to start producing faster (albeit iteratively) than Big Sandy. Prairie’s got 4.1 million tons of lithium carbonate equivalent, which is not far off Lake Resources’ 4.4 million tons at Argentinian project Kachi and NYSE, Frankfurt and Toronto-listed Standard Lithium’s 4.3 million tons. Being a lithium brine resource, Prairie’s production could come online sooner in smaller increments than Arizona’s flagship project, Big Sandy, which is a sedimentary clay deposit and not expected to start production until 2027/2028.Of course investors would be drilling into the specifics of Prairie’s comparison with bigger and more advanced projects, as well as the bill to get it into production. But as of Monday evening, the Canadian arrival’s headline resource was enough to get a few tongues wagging. Prairie is understood to have fallen on Arizona’s radar via the latter’s lithium research centre in Tempe in Arizona. Its founder Maurer was expected to get a board seat at Arizona. Arizona last raised in March for via Evolution Capital and PAC Partners. It had a cash balance of $50 million, which investors expected it to fund half of the acquisition.

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I don't think this is good news and don't spell confidence on BLM approval imo. Another cap raise on the horizon and more dilution given the fall in SP.

all in my own opinion not financial advice.

AZL Price at posting: 6.2¢ Sentiment: None Disclosure: Not Held
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Last 1.6¢		Change -0.001(5.88%)		Mkt cap ! $71.58M

Open	High	Low	Value	Volume
1.7¢	1.7¢	1.5¢	$257.7K	16.14M

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No.	Vol.	Price($)
56	12019204	1.5¢

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Price($)	Vol.	No.
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36	7394059	0.014
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Price($)	Vol.	No.
0.016	164394	1
0.017	4440910	8
0.018	2401489	13
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