German-focused lithium development company Zinnwald Lithium has unveiled its binding agreement to acquire a 50 percent stake in Deutsche Lithium GmbH for €8.8 million to be settled with a cash payment of €1.5 million and the issue of approximately 50 million new ordinary shares of 1 pence each. Deutsche Lithium is developing the Zinnwald lithium project in Germany.
“The acquisition gives the Company full ownership and operational control of the Project and is in line with its corporate objective to become a key supplier to the European lithium market,” the German firm said in a statement.
Anton du Plessis, the chief executive of Zinnwald Lithium, commented that the latest deal will give his company “full ownership and operational control of the project, which significantly enhances our ability to optimise and progress it at our own pace.”