(Alliance News) - Atlantic Lithium Ltd on Friday said it completed the demerger of its gold assets into Ricca Resources Ltd.
The lithium-focused exploration company said the in-specie distribution of all of the shares held in Ricca Resources to eligible Atlantic Lithium shareholders has been completed.
The demerger of Ricca and the company's gold assets completes a process that will enable Atlantic Lithium to focus exclusively on lithium. This will also support the company in realising the full potential of its asset portfolio and delivering value to Atlantic Lithium shareholders, it said.
Going forward, Atlantic Lithium will be solely focusing on its Ewoyaa Lithium project in Ghana. A recent scoping study retained the business case for 2 million tonnes per annum production operation with life of mine revenue exceeding USD3.43 billion.
Shares in Atlantic Lithium were up 1.9% at 22.92 pence each on Friday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Atlantic Lithium (ALL)