Notice of General Meeting/Proxy Form
Notice is given that the Meeting will be held at:
TIME: 11.00 am (WST)
DATE: 22 June 2018
PLACE: MetalsTech Limited
Unit 1, 44 Dennis Street
Subiaco WA 6008
Click here to view the full ASX announcement
MERN Transfers and Strategic Chinese Investment Update
MetalsTech Limited (MTC or the Company) provides the following update in respect of the MERN Transfers and the recently announced $4.8m funding deals with leading chemical producer Wuxi Baichuan Chemical Industry Co Ltd (BCC) and leading battery manufacturer Dynavolt Renewable Energy Technology Co Ltd (Dynavolt).
Highlights
• Quebec Government has advised that the MetalsTech MERN Transfers, mining claims that are in the process of being transferred into MTC subsidiaries pursuant to various acquisition agreements and direct claim staking, have been processed, however due to the Christmas holiday period, the transfers will now be formally registered on or before 19 January 2018
• MTC has agreed extensions for both BCC and Dynavolt to enable the MERN Transfers to complete prior to each of BCC and Dynavolt completing their strategic investment in MTC
• Terms of BCC’s proposed $1.8m investment (refer ASX Release dated 15 December 2017) provide for completion within 20 business days from completion of the MERN Transfers, therefore completion is expected on or before 19 February 2018
• Terms of Dynavolt proposed $3m investment (refer ASX Release dated 6 December 2017) varied to allow completion to occur on or before 31 January 2018
• MTC fully funded to complete maiden drill program at the Adina Lithium Project, with preparations currently underway and first drilling scheduled to commence in February
The full ASX announcement can be found by CLICKING HERE
iCobalt Spinout and Priority Offer to MetalsTech Shareholders
MetalsTech (MTC or the Company) is pleased to provide shareholders with the following update on the proposed listing of its subsidiary iCobalt Limited (iCobalt) via a $4.5m Initial Public Offer, with a Priority Offer to eligible MTC shareholders.
Subject to MTC obtaining shareholder approval, pursuant to ASX Listing Rule 11.4.1(b), for the disposal of the Bay Lake High Grade Cobalt Project (held by MTC’s wholly-owned subsidiary, MetalsTech Bay Lake Cobalt Inc.), iCobalt will seek admission to the Official List of the ASX pursuant an Initial Public Offer (Spinout).
iCobalt will accelerate the exploration activity on the 100%-owned Bay Lake High Grade Cobalt Project and proceed with the finalisation of legal and technical due diligence to acquire 100% of the Rusty Lake Silver-Cobalt-Nickel Mine, both located in Ontario, Canada.
Highlights
- Alto Capital appointed Lead Manager to the Spinout which is expected to occur during April 2018 under the ticker code ASX:1CO
- Mr David Riekie appointed as Managing Director of iCobalt having previously held positions as former Managing Director of Avonlea Minerals Limited (now AVZ Minerals Limited (ASX: AVZ)) and previous General Manager – Corporate of Battery Minerals Limited (ASX: BAT)
- Mr Russell Moran and Mr Gino D’Anna appointed as Non-Executive Directors of iCobalt
- Dr Qingtao Zeng (PhD Geology) appointed as Non-Executive Director of iCobalt bringing a deep understanding and network of China’s battery minerals sector
- MTC to be issued 15 million fully paid ordinary shares and 10 million performance rights in iCobalt
- Priority Offer under the Spinout will entitle MTC shareholders holding a minimum of 20,000 MTC shares, a pro rata entitlement on a 1 for 5 basis as at the Record Date (Qualifying Priority Holder), a guaranteed right to subscribe for a minimum of 10,000 iCobalt shares at $0.20 per share (Minimum Allocation) and scope to subscribe for additional shares (subject to Maximum Allocation of 250,000 iCobalt shares at $0.20 per share i.e. $50,000). The Priority Offer is not strictly a pro-rata entitlement for all MTC shareholders to participate in the Public Offer
- Record Date for the Priority Offer will be announced shortly, however will be a date not earlier than 5 January 2018, to allow MTC shareholders the opportunity to qualify for the Priority
The full ASX announcement can be found by CLICKING HERE
Additional High Grade Lithium Intersected at Cancet Project
Hard-rock lithium explorer and developer MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce laboratory assay results from the recent drilling campaign completed at the Company’s 100%- owned Cancet Lithium Project (the “Project” or “Property”), located in the James Bay Region of Quebec, Canada.
Highlights include:
- MTC17-044 – 00m @ 1.83% Li2O from 8.00m depth, including:
o 1m @ 6.18% Li2O (12.00m to 13.00m); and
o 2m @ 1.46% Li2O (8.00m to 10.00m)
- MTC17-049 – 96m @ 1.43% Li2O from 1.54m depth, including:
o 7.96m @ 2.55% Li2O (1.54 to 8.50m)
- MTC17-050 – 35m @ 1.79% Li2O from 18.29m depth, including:
o 2.18m @ 2.29% Li2O (19.4 m to 21.58m)
- MTC17-053 – 59m @ 1.23% Li2O (11.34m to 14.93m)
- Cancet continues to demonstrate near surface high grade mineralisation
- Resource definition drilling planned at Cancet in mid-2018 designed to extend the strike of the mineralised pegmatite zone as well as further define the mineralisation at depth and drill test additional targets identified through the magnetic survey
- Field mapping, sampling, stripping and trenching of secondary targets, including targets at the newly acquired Cancet East project will also be completed concurrent to the resource definition drilling program
- Maiden diamond drilling campaign to commence at the Adina Lithium Project in February 2018 designed to test 2km outcropping pegmatite, where surface outcrop has assayed up to 3.12% Li2O
Commenting on recent results, Executive Director Mr Gino D’Anna stated:
“These assays support our understanding that Cancet has the potential to host a near surface and high- grade lithium deposit close to key infrastructure. Metallurgy testing performed on drill core indicate that Cancet material may be treated with a simple and low-cost conventional processing method. Over the past three months we have been successful in attracting investment from two strategic end-users which will enable the company to accelerate development at its portfolio of lithium projects.”
The full announcement can be found by 01935376