Cohiba Minerals has completed the acquisition of the Charge Lithium following the recent shareholder approval which was received last month.
Prior to completion, the Company executed a Share Sale Agreement with the Vendors of Charge and has at completion issued 17,500,000 fully paid ordinary shares as consideration for the acquisition of all the issued capital in Charge.
According to the company, a further 3,500,000 fully paid ordinary shares have been issued as the licence which comprises the first Charge’s 5 exploration projects have been granted by the Department of Mines WA (DPM).
“As announced previously, the Company will issue up to an additional 14,000,000 fully paid ordinary shares upon the DMP granting the licences which comprise the remaining 4 projects,” Cohiba said in a statement.
“The shares will be issued in tranches, with a tranche of 3,500,000 shares issued upon the grant of the licences for each Charge project. The Company has previously obtained an ASX Waiver which permits the Company to issue the remaining shares to the Charge Vendors by no later than 20 March 2018.”
Cohiba will provide updates in relation to the commencement of exploration activities in due course.
