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Ariana unit, Kingston conclude Australian lithium tenement sale


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Ariana unit, Kingston conclude Australian lithium tenement sale

ArianaResources Plc through its 100%­owned subsidiary, has completedthe previouslyannounced sale of its interest in Slipstream WANT Pty. Ltd. toKingston Resources Ltd.

Asgard held a 4% stake in Slipstream WANT, which holds 20lithium-prospective tenement applications in Western Australia and the NorthernTerritory.

According to a July 11 release, Asgard received A$20,000cash and 6.6 million fully paid Kingston ordinary shares, representing about a 1%stake.

In addition, Asgard will benefit from up to 7.2 millionperformance shares, to be issued on the achievement of certain projectmilestones.

The transaction was concluded following the satisfaction ofother deal conditions including grant of the core tenement, Kingston shareholderapproval and completion of a A$6.9 million capital raise in a two-trancheplacement by Kingston.

Kingston will use the proceeds to fund the explorationprogram on the tenements and in part to fund the acquisition of the tenementsand their exploration.