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.