Paynes Find Gold : to Acquire 100% Stake in European Lithium AT (Investments)
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05/18/2016 | 05:30am CEST
Deal Type: Acquisition
Deal Sub Type: 100% Acquisition
Deal Status: Announced
Deal Value: 15.2259 USD
Deal in Brief
Paynes Find Gold Limited (PNE), a Australian gold mining company, has agreed to acquire 100% stake in European Lithium AT (Investments) Limited (ELA) from European Lithium Limited for AUD20.75 million (USD15.22 million). ELA is the ultimate 100% owner of ECM Lithium AT GmbH, a subsidiary entity of European Lithium and the 100% owner and holder of the Wolfsberg lithium project in Austria. European Lithium is a mining exploration and development company based in the UK. Under the terms of agreement, PNE will pay AUD0.20 million (USD0.14 million) within 5 business days of execution of the agreement, pay AUD0.55 million (USD0.40 million) within 5 business days of satisfactory completion of due diligence and will issue 250 million shares at a price of AUD0.08 (USD0.05) per share. The transaction is subject to due diligence investigations by PNE, all necessary regulatory and shareholder approvals.
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