Ardiden Limited (ASX: ADV) (“Ardiden” or “the Company”) advises that Green Technology Metals Limited (ASX: GT1) has exercised its right to acquire a further 29% interest in the Lithium Joint Venture (“JV”) for the Seymour Lake, Root Lake and Wisa Lake assets in northwest Ontario, Canada.

Highlights:

  • Green Technology Metals (ASX: GT1) exercises right to acquire a further 29% interest in Lithium JV
  • $3.5M worth of GT1 shares issued to Ardiden as consideration, now holding ~$11.7M (or 6.47%) of GT1
  • JV interest now 80% GT1 and 20% Ardiden, with Ardiden free carried to the earlier of completion of a positive Bankable Feasibility Study or Decision to Mine
  • Ardiden focused on systematic gold exploration at its district scale Pickle Lake Gold Project in the wellendowed Uchi Geological Subprovince of north-west Ontario, Canada, where drilling is underway.

As outlined in the original agreement1 , in exchange for the additional 29% JV interest, GT1 has now issued 4,049,520 fully paid ordinary shares (“Shares”) to Ardiden valued at $3.5M based on the 5-day VWAP of GT1 shares up to and including 25 March 2022.

This payment will take the Lithium Joint Venture interests to 80% GT1 and 20% ADV, with Ardiden’s 20% interest continuing to be free carried by GT1 to the earlier of completion of a positive Bankable Feasibility Study or a GT1 Decision to Mine. In addition, under the JV, each party retains off-take / marketing rights in the same percentage as their respective JV interest.

The option, which was exercised early by GT1, results in Ardiden now owning 13,049,520 fully paid ordinary shares in GT1 or 6.47% of the shares on issue. The Shares have a market value of ~$11.7M (or ~$0.004 per Ardiden share) as at close of business on 25 March 2022. The Shares are subject to escrow until 10 November 2023.

The direct 20% JV interest and ~13m shares in GT1 provides strong continued exposure to the exploration and development of the JV projects and industry dynamics, while allowing Ardiden to focus solely on the systematic gold exploration at its District Scale Pickle Lake Gold Project in the well-endowed Uchi Geological Sub province of north-west Ontario, Canada, where drilling commenced in January 2022.

This information is authorised for ASX release by the Board of Directors.

For further information: Investors:

Rob Longley
MD & CEO
Tel: +61 8 6184 5938
info@ardiden.com.au

Tara Robson
Company Secretary
Tel +61 8 6184 5938
info@ardiden.com.au


This article includes content from Green Technology Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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