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LONDON - Technology Minerals Plc (LSE: LON:TM1), the UK-based company specializing in the circular economy for battery metals, has announced the nearing completion of its sale of LRH Resources Limited to European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF). The transaction, initially disclosed on November 26, 2024, involves the transfer of exploration licenses in Leinster, Republic of Ireland.
The sale is part of a Settlement Agreement with joint venture partner Global Battery Metals Ltd (GBML), which required approval from both the TSX-V and GBML shareholders. These approvals have now been secured, marking the final stages of the transaction, with only minor procedural steps remaining.
Under the terms of the agreement, Technology Minerals will receive 1,371,742 shares in Critical Metals Corp (Nasdaq: CRML), valued at US$10 million as of April 22, 2024. This valuation is based on 90% of the closing market price of CRML shares the day before the Heads of Agreement signing. As part of the Settlement Agreement, Technology Minerals will allocate 284,362 of these shares to GBML. The shares will be locked in escrow until February 28, 2025.
Technology Minerals is recognized for its efforts to establish a sustainable circular economy in the UK’s battery metal sector. The company is involved in both the exploration of raw materials essential for lithium-ion batteries and the recycling of spent lithium-ion batteries, providing materials for reuse by battery manufacturers.
The completion of this sale marks a significant step for Technology Minerals, as it continues to focus on its core business strategy of battery metal recovery and recycling. The transaction with European Lithium aligns with the company’s commitment to environmental sustainability and positions it to further capitalize on the growing demand for battery metals.
This update is based on a press release statement from Technology Minerals Plc.
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