Global Lithium (ASX:GL1) seals $33m Manna deal

Company News

by Melissa Darmawan

Global Lithium Resources (ASX:GL1) has completed the deal to buy its 80 per cent stake in Manna Lithium Project from Breaker Resources valued at $33 million.

The offer was unveiled a week ago on the 23 December with the initial payment made up of $6.5 million cash and as shares to the same value with the upfront consideration to be payable today.

Manna is a recent virgin discovery of spodumene within outcropping pegmatites within Breaker’s land holdings proximal to its Lake Roe Gold Project.

Chairman Warrick Hazeldine said “completing the acquisition of the exciting Manna Lithium Project is a fantastic way for the Company to close out 2021. We believe the Manna Lithium Project suits our skill set and strategy. We are looking forward to getting ‘boots on ground’ early in the New Year in parallel to commencing our 2022 drilling campaign at the Marble Bar Lithium Project.

Shares in Global Lithium Resources (ASX:GL1) are skyrocketing 10.4 per cent higher 9 cents.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.