Rapid Lithium Limited (ASX:RLL) Updates on Project Acquisitions
Ingersoll Project Acquisition
Rapid Lithium Limited (ASX:RLL) has successfully renegotiated the payment terms for the Ingersoll Project acquisition. The total payment to the vendor is now set at USD$330,000, with the following structure: USD$30,000 due by 17 January 2025, USD$150,000 in shares valued at the 30-day volume weight price to be issued by the same date, and a final USD$150,000 payment due in cash by 30 August 2025.
The Company will be allowed to commence drilling activities on the Ingersoll Project upon payment of the initial USD$30,000. After drilling and assay reports are completed, Rapid Lithium will decide whether to proceed with the Contract for Deed. Should the Company opt out, the contract will be terminated without further obligations.
Future Projects and Strategic Focus
Rapid Lithium has set its sights on the strategic acquisition of the Prophet River Gallium-Germanium Project and will not pursue the acquisition of New Energy (US) Inc. This decision allows the Company to concentrate on its current project portfolio.
Commenting on this update, Martin Holland, Managing Director of Rapid Lithium, stated, “This strategy, centred on our portfolio, positions the Company ideally to prioritise lithium exploration on its fully permitted private land in South Dakota. It also allows us to advance and initiate exploration at the Gallium-Germanium project in British Columbia.”
An update on the Mateen Project is anticipated early next week.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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