Kiran Morzaria of Cadence explains the benefits of selling their stakes in Lithium Technologies & Lithium Supplies
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Kiran Morzaria CEO of Cadence #KDNC explains the rationale and benefits of selling their equity stakes in Lithium Technologies and Lithium Supplies which means they would receive up to A$6.63 million (£3.72 million) payable via a mixture of cash and shares.
Highlights
• Cadence and all LT and LS shareholders have entered into a conditional agreement to sell 100% of LT and LS for up to A$21.05 million (£11.82 million)
• Cadence owns 31.5% of LT and LS and would receive up to A$6.63 million (£3.72 million)
• The consideration payable to LT and LS shareholders will be via a mixture of cash and shares
• The Buyer will spend a minimum of A$4 million over three years from the completion of the sale on the exploration of the Litchfield lithium prospect ("Litchfield") in Northern Australia.
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