JOHANNESBURG (miningweekly.com) – ASX-listed lithium and graphite explorer Ardiden has formally exercised its option to acquire the advanced Root Lake lithium project in Ontario, following the completion of a due diligence review.
The news followed a month after Ardiden exercised an option to acquire the Seymour Lake lithium project and meant that the company would soon own 100% of two advanced lithium-spodumene projects and 100% of the Manitouwadge graphite project in Canada.
Ardiden would pay an option fee of C$150 000 in cash and an equal amount in shares to Landore Resources Canada upon excercising the option to acquire the Root Lake project.
Landore was also entitled to a 3% net smelter royalty (NSR). Ardiden could buy back 1.5% of the NSR from Landore for C$1-million.
Edited by: Mariaan Webb
Creamer Media Senior Deputy Editor Online
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