From the ann- Strategic Alignment with Galan LithiumIn a strong...

From the ann-

Strategic Alignment with Galan LithiumIn a strong vote of confidence for the Utah Lithium Project, ASX-listed Galan Lithium Limited (market capitalization of $344M) will invest $1.5M for an approximate 5% stake in Mandrake through the subscription of 30M ordinary shares at 5c, escrowed for 12 months. Galan Lithium also has the right to nominate strategic advisors who can subscribe for a further 14M shares in Mandrake at 5c ($700,000). Total amount raised is $2.2M.

Mandrake is excited to attract an advanced lithium developer of the ilk of Galan Lithium who are anticipated to provide invaluable assistance in a commercial and technical advisory capacity. Galan is a highly regarded lithium company with Resources of over 6.5Mt LCE (Lithium Carbonate Equivalent) across the Hombre Muerto salar in Argentina and are advancing rapidly towards production (refer Galan ASX announcement dated 24 October 2022).
On the strategic alignment with Mandrake, Galan Managing Director Juan Pablo Vargas de la Vega commented:“The large-scale potential of Mandrake’s Utah Lithium Project situated in an extremely attractive jurisdiction boasting power and water infrastructure in the lithium-hungry United States presented a compelling opportunity for Galan to gain early-stage exposure.

Mandrake Resources Limited I ACN: 006 569 124 6 www.mandrakeresources.com.au First Floor, 10 Outram Street West Perth WA Galan looks forward to assisting Mandrake grow and develop the Utah Lithium Project utilising its deep commercial experience in the lithium sector and significant technical expertise”.

Vert Capital will be issued 5M options with a strike price of 10c as a facilitation fee for the raising.