Business
Increases Stake in Atex Lithium Project to 90%
Increases Stake in Atex Lithium Project to 90%.
About this update from Firering Strategic Minerals Plc
[{"type":"text","content":"\n \n \n Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining\n \n \n \n \n \n 9 March 2023\n \n \n \n \n \n Firering Strategic Minerals plc\n \n \n (\"Firering\" or \"the Company\")\n \n \n \n \n \n Atex Lithium Tantalum Project Acquisition:\n \n \n Firering Increases Stake in Atex Lithium Project to 90%; Issue of Equity\n \n \n \n \n \n Firering, an exploration company focusing on critical minerals, announces that it has increased its stake in its flagship Atex Lithium Tantalum Project\n (\"Atex\" or the \"Project\")\n in\n Côte d'Ivoire to 90%.\n \n \n \n \n \n \n Highlights:\n \n \n \n \n \n \n \n \n ·\n Pursuant to an existing option shares (\"Option Shares\") agreement between Firering and Atex dated 31 March 2021:\n \n \n o\n Firering has acquired 13% of the issued share capital of Atex for €258,484 increasing its stake from 77% to 90%\n \n \n o\n Consideration for the acquisition was split between Firering and Ricca Resources Limited (\"Ricca\") pursuant to the terms of an investment agreement announced on the 2 November 2022: http://bit.ly/3ZyRslZ . The split of payments was as follows:\n \n \n §\n Firering - €58,742\n \n \n §\n Ricca - €199,742\n \n \n ·\n Mutually agreed with the Option Shares vendor, a local owner, that they shall retain the remaining 10% of the Option Shares in order to retain a shareholding interest in the Atex project moving forward.\n \n \n ·\n Transaction in line with the Company's strategy to focus on critical minerals and develop Atex to feed rampant demand for ethically sourced minerals required for the Net Zero transition.\n \n \n ·\n Atex is located in the Côte d'Ivoire - a politically stable, proven mining jurisdiction in West Africa, which is underexplored and ripe for mining investment.\n \n \n \n \n \n \n Yuval Cohen, Chief Executive of Firering, said:\n \n \n \n \"The Atex project has the potential to become a significant lithium resource in West Africa in a relatively short period of time. The quality and potential of Atex was recognised by Ricca who is earning into the project and supporting us in fast tracking the project to Definitive Feasibility Study (\"DFS\"). This coupled with the success of our Phase I drilling campaign and start of the Phase II soil sampling programme announced at the beginning of thi...