Rapid Lithium Limited (ASX:RLL) Announces Q4 Activities
Corporate Developments
Rapid Lithium Limited (ASX:RLL) has completed the acquisition of Midwest Lithium Limited, securing a 100% equity interest through the issuance of 343 million fully paid ordinary shares. Following the acquisition, the board now includes new directors Michael Schlumpberger and Daniel Smith. The company has also changed its name from Armada Metals Limited to Rapid Lithium Limited and updated its ASX ticker from AMM to RLL.
Capital Raising
Rapid Lithium announced a partial underwriting of $1,000,000 for a non-renounceable entitlement offer aimed at raising up to $2,000,000 before costs. The offer allows existing shareholders to purchase new shares at $0.004 each and receive free attaching options exercisable at $0.017, expiring on 23 October 2027. Funds raised will support exploration projects in the USA and cover associated costs.
Project Acquisitions
In Canada, Rapid Lithium has entered a binding agreement to acquire the Prophet River Ga-Ge Project in British Columbia, focusing on zinc, germanium, and gallium exploration. The company has also renegotiated the payment terms for the Ingersoll Project acquisition as part of the Midwest Lithium deal. Additionally, Rapid Lithium announced it will not proceed with the acquisition of New Energy (US) Inc., choosing instead to focus on its existing project portfolio.
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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