Charger Minerals has entered into a binding agreement with Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) to purchase its minority interest in the Lake Johnston Lithium Project moving Charger to a 100% beneficial ownership, subject to shareholder approval and one remaining third party approval.
Under the agreement, Charger will purchase Lithium Australia’s minority interest in the Lake Johnston Lithium Project for $2 million, increasing Charger’s interest in the project to 100%.
An independent expert’s report concludes the transaction to be “fair and reasonable”.
A general meeting for shareholders to approve this transaction will take place at 10am on Thursday, January 11, 2024.
So far the agreement has seen strong shareholder support with all Charger directors and major shareholders, totalling more than 19% interest, indicating their written support.