Platypus Minerals Ltd (“Platypus” or “Company”) and Lepidico Ltd...

• Platypus Minerals Ltd (“Platypus” or “Company”) and Lepidico Ltd (“Lepidico”) have reached agreement and have executed a binding term sheet (“Term Sheet”) specifying terms and conditions under which Platypus agrees to acquire 100% of the issued capital of Lepidico.
• The Term Sheet was unanimously supported by the Directors of both Lepidico and the Company.
• Concurrently, Platypus has secured underwriting support from GTT Ventures to undertake a fully underwritten rights issue to raise up to approximately $3.5 million from existing shareholders.
• Lepidico is a globally-focused lithium company with exploration interests in Australia and Canada.
• Lepidico is also the 100% owner and licensor of the L-Max technology, a proprietary metallurgical process that has the potential to commercially extract lithium and other by- products from unconventional sources at a competitive cost.
• The L-Max technology delivers a potential opportunity to create a third supply source of lithium, namely the largely overlooked lithium-bearing micas such as lepidolite and zinnwaldite.
• Lepidico’s Executive Chairman Gary Johnson is an experienced metallurgist and the principal of Strategic Metallurgy Pty Ltd, which specialises in providing metallurgical and strategic consulting to various mining companies. As part of the transaction, Mr Johnson will be appointed to the Board of Platypus as a non-executive director post completion of the transaction.
• Platypus’s due diligence confirmed the prospectivity of Lepidico’s exploration interests and the potential of the L-Max technology.
• Verification field work on the promising Lemare project in Quebec, Canada, is scheduled for early April.
• Platypus and Lepidico continue to actively pursue global lithium project acquisitions and joint venture opportunities.
• Platypus retains its current projects at the Pearl Bar-Gobbos area in Western Australia, which it plans to drill in the coming quarter.
  The Board of Platypus Minerals Ltd (ASXLP) is pleased to announce that consequent on satisfactory due diligence investigations it has reached agreement and signed a binding Term Sheet with Lepidico Ltd under which Platypus agrees to acquire 100% of the issued capital of Lepidico (“Acquisition”).