RE: An Open and Honest Conversation (2)13 Jan 2025 14:18
26 November 2024
Technology Minerals Plc
("Technology Minerals" or the "Company")
Completed Sale of LRH Resources to European Lithium
Further to the announcement on 22 April 2024, Technology Minerals Plc (LSE: TM1), the UK's pioneering firm in establishing a circular economy for battery metals, is pleased to announce it has completed the sale of its interest in exploration licences in Leinster, Republic of Ireland, to European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) ("European Lithium") (the "Transaction").
The Transaction is effected by the sale of 100% of the issued share capital of LRH Resources Limited ("LRH") held by the Company to European Lithium. The Transaction is to be settled through the transfer to Technology Minerals of 1,371,742 shares held by European Lithium in Critical Metals Corp (Nasdaq: CRML) ("CRML"), a leading mining company focused on mining critical metals and minerals, calculated at 90% of the closing market price of the shares on the day before the signing of the Heads of Agreement as announced on 22 April 2024 (the "Consideration Shares"), such shares valued at US$10 million at that date. 137,174 of the Consideration Shares will be transferred by the Company to Chang Turkmani a director of the Company, under an Introducer's Commission Agreement. The Consideration Shares will be locked in and held in escrow until 28 February 2025.
As a result of the Transaction, Technology Minerals and Global Battery Metals Ltd ("GBML"), the Company's joint venture partner in the Leinster project, reached a Settlement Agreement to terminate the joint venture in exchange for an aggregate of 284,362 of the Consideration Shares to be delivered by Technology Minerals to GBML. In addition, GBML's outstanding exploration expenditures in the amount of €377,327.29 will be settled in Consideration Shares issued to the creditors. The Settlement Agreement remains subject to TSX-V approval and approval by GBML shareholders at an annual and special meeting of shareholders to be held in January 2025.
EHIS IS WHAT WE KNOW SO FAR NOTHING MORE NOTHING LESS
THE OTHER FACT IS WE OWE 1.69M DEBT, and it's reasonable to say it will be paid by March if the CEO decide to sell some
or all ? as he alluded to in his brilliant interview 2 days ago DYOR