LithiumAustralia NL said July 25 that it has fully acquired privatecompany Lithophile Pty. Ltd., which controls three lithium prospects in WesternAustralia's Gascoyne Complex, giving the miner access to four prospects in thecomplex.
In exchange, the company paid A$60,000 cash as well asissued 500,000 fully paid shares and 500,000 25-cent partly paid shares.
Within 10 business days of Lithium Australia completing apre-feasibility study, the company will issue a further 500,000 each of fullypaid and partly paid shares.
In addition, within 10 business days after Lithium Australiacompletes a study on any part of the area of the tenements that advisesindicated resources of at least 1 million tonnes grading 1% lithium, thecompany will the issue 1,500,000 fully paid shares.