ASX-listed Valor Resources has finalised its acquisition of the Jesaulenko lithium project in the Thunder Bay district Ontario, Canada.
The consideration comprises the issue of 312.5 million fully-paid Valor shares to promoters and shareholders of Stratosphere Li, the vendor of the Jesaulenko project.
The acquisition also includes Stratosphere’s $350,000 existing cash at bank being transferred to Valor.
“We are pleased to have completed the Jesaulenko acquisition, marking another key step in Valor’s growth path and transformation as a Canadian-focused uranium, rare earths and lithium explorer,” Valor executive chair George Bauk said.
“With a definitive option agreement also now finalised for the Frazer Lake project and close to being completed for the Morrison Lake project, our growth strategy is rapidly taking shape.”
Valor first announced its exclusive option to acquire Jesaulenko in December 2023. In the same announcement, the company revealed it had entered into exclusive option agreements to acquire the Frazer Lake lithium project and the Morrison Lake lithium project.
“The option to acquire a high-quality lithium exploration portfolio in Canada presents an outstanding opportunity for Valor to significantly expand our exposure to the burgeoning new energy metals thematic,” Bauk said at the time.
“These acquisitions will form a complementary addition to Valor’s existing portfolio of high-quality uranium projects in the Athabasca Basin, Saskatchewan and build upon our Canadian expertise.”
The Jesaulenko project comprises 46km2 of contiguous tenure, with direct highway access to the project tenure. The Frazer Lake project is located 25km to the west of Jesaulenko.
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