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Li-FT Power Ltd (ASX:LFT)

ALERT: Price-sensitive ASX Announcement for LFT
Current share price for LFT : $3.400 0.1 (3.03%)+
Announcement
Release
14 Jul 2026 5:54PM
Price at Release
$3.300
Full Release
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Summary
Li-FT Power Ltd has obtained court approval for an option to acquire the Renard Mine Site, including its assets or holding company, under a binding call option agreement with Stornoway Diamonds and others. This strategic option, costing C$12 million held in trust, is meant to explore the potential conversion of the site for lithium processing. The exercise option is valid until June 23, 2028, and Li-FT is responsible for maintaining the site during this period. The agreement's completion hinges on fulfilling certain conditions like obtaining regulatory approvals and meeting pre-defined release conditions.
Key Points
  • Li-FT Power Ltd has been granted a court-approved option to acquire the Renard Mine Site.
  • The option agreement allows Li-FT Power Ltd to acquire the Renard diamond mine's assets or its holding company.
  • Li-FT Power Ltd paid a C$12 million option fee, held in trust pending necessary authorization.
  • The transaction includes an option period ending June 23, 2028, extendable by mutual agreement.
  • Li-FT is evaluating the feasibility of repurposing Renard for lithium processing during the option period.
  • Li-FT Power Ltd will bear the care and maintenance costs for the Renard site during the option period.
  • The option fee will be distributed to secured creditors upon meeting specific conditions.
  • The transaction is subject to several conditions, including court and regulatory approvals.
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.