Cadence Minerals plc has filed its notice of being the largest shareholder in Evergreen Lithium Ltd after the investee company listed on the Australian Stock Exchange.
SHARES
The company holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen, which listed on 11 April 2023.
Cadence received the shares in July 2022 when it sold its 31.5% stake in Lithium Technologies and Lithium Supplies to Evergreen.
A further AS$3.47m (£1.86m) of shares are due to Cadence on Evergreen achieving certain performance milestones.
Cadence’s shares are subject to a 2-year escrow agreement in accordance with the listing rules.
PROJECTS
The company said that Evergreen, which holds AS$10m cash, intended to advance three hard rock lithium exploration projects in Australia.
The Bynoe flagship project in the Northern Territory, covering the north-eastern strike extent of the lithium and tantalum endowed pegmatite field, has an identified initial five target zones of lithium mineralisation.
The second prospect of Kenny lithium lies within the Dundas mineral field of Western Australia, close to Mt Dean and Mt Belches-Bald Hill pegmatite fields.
A 10km zone of pegmatite outcropping has been confirmed in the project’s northeastern section.