Leading Chinese Chemicals Manufacturer Takes Strategic Stake in MetalsTech

MetalsTech (MTC or the Company) is pleased to announce it has signed a binding agreement with Shenzhen Stock Exchange listed leading hi-tech fine chemicals manufacturer Wuxi Baichuan Chemical Industrial Co Ltd (BCC) based in China to take a circa 10% stake in MTC through an escrowed placement at 18 cents per share.

Highlights

  • BCC to participate in a circa 10% Cornerstone Placement by subscribing for 10,000,000 MTC shares at a price of $0.18 per share to raise $1,800,000 subject to 12 months’ escrow, subject to shareholders ratifying the placement capacity at the upcoming AGM on 24 November 2017
  • MTC to facilitate BCC share accumulation strategy by introducing third party shareholders (and advisors) for the acquisition of up to a further 5,000,000 MTC shares through on-market and offmarket purchases
  • If BCC increases its share ownership to >15% BCC will be entitled to an MTC board seat
  • MTC and BCC to work in good faith to negotiate a project-level equity investment at its projects
  • MTC has also completed a heavily oversubscribed placement to sophisticated and institutional investors via the issue of 4,200,000 fully paid ordinary shares at an issue price of $0.18 per share to raise a further $756,000 using the remaining ASX LR 7.1 placement capacity managed by Alto Capital
  • Strategic funding deal allows MTC to:
    • continue resource definition and feasibility studies at its Cancet Lithium Project;
    • commence maiden drilling at the nearby Adina Lithium Project where surface samples have reported >3% Li2O at surface; and
    • explore plans for a lithium carbonate and hydroxide beneficiation plant within Quebec to process spodumene concentrate from MTC’s projects

Commenting on the strategic placement, Executive Chairman of MetalsTech, Mr Russell Moran stated:

“This is a game-changing milestone for the Company. Strategic alignment with a lithium-ion battery chemicals producer at this juncture will support us in tailoring our feasibility studies beyond spodumene concentrate production, as we look to maximise value and minimise market risk through the investigation of downstream processing opportunities with an experienced technical and financial cornerstone partner.”

The full announcement can be found by CLICKING HERE


MetalsTech Completes Phase II Drilling at Cancet Lithium Project

MetalsTech (MTC or the Company) is pleased to announce it has completed its Phase II diamond drilling program at its Cancet Lithium Project in Quebec, Canada.

Highlights: 

  • ~1,500m diamond core drilling campaign across 18 drill holes has been completed at the 100% owned Cancet Lithium Project where the Company has delineated ~1.2km of mineralised pegmatite strike starting at surface
  • Drilling campaign was designed to extend strike, dip, and plunge continuity of the pegmatite, as well as test the newly discovered pegmatite outcrop ~1km east of the existing strike
  • Individual drill sites were identified within the main zone as well as along strike and at the new pegmatite discovery using the existing resource model and the results of the field mapping and magnetic survey
  • Holes were drilled on an iterative basis with additional drill sites selected based on spodumenebearing pegmatite intersections encountered
  • Results from drill program will underpin maiden resource estimation and delivery of scoping study and support ongoing strategic and end-user discussions
  • Cancet boasts excellent infrastructure including major highway and high voltage power in close proximity

Commenting on the completion of drilling, Executive Director Mr Gino D’Anna stated:

“We are excited to have completed our Phase II drilling campaign at Cancet and look forward to updating shareholders following receipt of the laboratory assay results. Geological logging is currently being finalised and once complete, the Company will release the results of the spodumene modal estimate for each completed drill hole.

“Since our last drill campaign we completed a range of surface mapping, geochemistry and magnetic investigations which allowed us to maximise our drilling efforts during this campaign.

“We have achieved excellent metallurgical and mineralogy testing results on representative drill core – resulting in increased interest from potential strategic partners and end users.”

The full announcement can be found by CLICKING HERE


Amended Appendix 3B

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Response to ASX Price Query

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Appendix 3B

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MetalsTech Commences Diamond Drilling at Cancet Lithium

MetalsTech (MTC or the Company) is pleased to announce it has commenced drilling at its Cancet Lithium Project in Quebec, Canada.

Highlights

•    ~1,500m diamond core drilling campaign has commenced at the 100%-owned Cancet Lithium Project where the Company has delineated ~1.2km of mineralised pegmatite strike starting at surface
•    Drilling campaign designed to extend strike, dip, and plunge continuity of pegmatite, as well as test newly discovered pegmatite outcrops ~1km east of the existing strike
•    Pool of 25 drill sites identified within the main zone after remodelling following recent field mapping and magnetic survey, with actual sites drilled and order of drilling subject to iterative drill results
•    Results from drill program will underpin maiden resource estimation and delivery of a scoping study and support ongoing strategic and end-user discussions
•    Cancet boasts excellent infrastructure including major highway and high voltage power in close proximity

Commenting on the commencement of drilling, Executive Chairman Mr Russell Moran stated:

“We are excited to be drilling again at Cancet and look forward to updating shareholders over the coming
weeks with progress.

“Since our last drill campaign we have completed a range of surface mapping, geochemistry and magnetic investigations which will ensure we maximise our drilling efforts in this, and future, campaigns.

“We have achieved excellent metallurgical and mineralogy testing results on representative drill core – resulting in increased interest from potential strategic partners and end users.”

The full announcement can be found by CLICKING HERE