During March 2018 quarter ENB entered into a binding heads of agreement to acquire all the securities of Domingo Lithium Pty Ltd. Domingo Lithium has four prospective lithium permits. Two permits in Argentina in the San Luis region in application status, one permit in Western Australia in application status and one permit in NSW which has been granted. As a result of the proposed acquisition Eneabba is required to re-comply with Chapter 1 and 2 of the Listing Rules and intends to change its name to Mintec Global Limited. The company has engaged CPS Capital to raise $3 million to fund the company’s exploration of the assets and general working capital. Full details of the transaction can be found in the company’s release to market dated March 15th, 2018. Argentine Permit Grant Update
The Argentinian permits still remain in the application stage due to the slow appointment of a new Director of the San Luis Mines department in Argentina. The company has now been informed that a new director has been appointed. Information provided to the company has indicated that the process of approvals for applications will begin imminently.
Cash and cash equivalents at end of quarter $174,000
Estimated cash outflows for next quarter $50,000
CURRENT MARKET CAP AT 0.8 cents = $4M shell
Current market if lithium acquisition goes to plan = $8.5M (with $3M in cash)
ENB Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
