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Zinnwald Lithium PLC - High Wycombe, England-based mineral exploration and development company - Says it has acquired the 50% stake in Deutsche Lithium GmbH that it does not already own for EUR8.8 million, to be settled with a cash payment of EUR1.5 million and the issue of 50 million new shares. Deutsche Lithium is developing the advanced Zinnwald lithium project in Germany. The acquisition gives the company full ownership and operational control of the project and is in line with its corporate objective to become a key supplier to the European lithium market, Zinnwald says.
Chief Executive Officer Anton du Plessis commented: "When we created Zinnwald Lithium via the reverse takeover of a 50% interest in Deutsche Lithium in October 2020, one of our stated strategic objectives was to consolidate ownership of the late-stage Zinnwald Lithium Project. The acquisition announced today fulfils this objective, giving us full ownership and operational control of the project, which significantly enhances our ability to optimise and progress it at our own pace.
"We believe that the project offers an attractive entry point into the rapidly developing battery metals sector as one of the more advanced European lithium projects. We look forward to advancing the project and keeping shareholders updated."
Current stock price: 13.00 pence
Year-to-date change: up 8.3%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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