Issue of Placement Shares and Remuneration Securities
Adelaide, Nov 28, 2017 AEST (ABN Newswire) - Core Exploration Limited (
ASX:CXO) advises that the Company has completed the second tranche of the previously announced placement to Ya Hua International Investment and Development Co. Ltd (Yahua) (refer ASX announcement on 29 August 2017).
Following completion of the two tranche placement, for a total of $2 million, Yahua now has an interest in 33.4 million shares in Core, representing a relevant interest in 6.73% in the Company.
The issue of shares to Yahua in the second tranche was approved by shareholders at Core's AGM on 26 October 2017.
Core has further issued 1,500,000 unlisted options and 2,900,000 unlisted performance rights to executives and employees of the Company, all subject to various KPI based performance conditions. The options have an exercise price 7.0 cents and expiry 30 September 2019 and the rights expire between 30 September 2018 and 31 March 2019. The options and rights have been issued under the Company's share option plan and performance share plan as approved by shareholders on 30 November 2016.
To view the Appendix 3B seeking quotation of the shares, please visit:
http://abnnewswire.net/lnk/DQCHXYR8
About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
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