Lithium Plus Minerals Acquiring Uranium, Rare Earth Projects; Shares Fall 9%

MT Newswires Live06-12

Lithium Plus Minerals (ASX:LPM) agreed to acquire the MacDonnell Ranges uranium project in the Northern Territory and the Fox Hill rare earth element project in New South Wales.

The vendors are GS Metals for MacDonnell Ranges and Double Eagle Resources for Fox Hill, according to a Wednesday filing with the Australian bourse.

As part of the transaction, the company's Moonlight project will be consolidated into a newly established subsidiary, with Lithium Plus Minerals retaining 50% ownership of the new entity.

Completion of the acquisition is expected on or about the third business day after the satisfaction of all precedent conditions.

Shares of Lithium Plus Minerals fell 9% in recent trade.

Price (AUD): $0.15, Change: $-0.02, Percent Change: -9.09%

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