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Armada Metals Limited (ASX:AMM)

ALERT: Price-sensitive ASX Announcement for AMM
Current share price for AMM : $0.010 -0.003 (-23.08%)+
Announcement
Release
22 Aug 2024 10:54AM
Price at Release
$0.013
Full Release
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Summary
Armada Metals Limited has announced the signing of a Share Purchase Agreement for the acquisition of Midwest Lithium Limited and the successful completion of an equity raising. The transaction is subject to shareholder approval and includes the issuance of approximately 343 million fully paid ordinary shares to Midwest securityholders. Additionally, Armada completed a conditional institutional placement raising A$1.35 million. The funds will be used for Midwest project exploration, tenement acquisition, and general working capital. Post-transaction, the company proposes to change its name to 'Rapid Lithium Limited.'
Key Points
  • Signing of Share Purchase Agreement for acquiring Midwest Lithium Limited.
  • Equity raising successfully completed, raising A$1.35 million.
  • Issuance of approximately 343 million fully paid ordinary shares to Midwest securityholders.
  • Funds to be used for Midwest project exploration, tenement acquisition, and general working capital.
  • Shareholder approval required for the transaction.
  • Company proposes to change its name to 'Rapid Lithium Limited' post-transaction.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.