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- Ardiden (ADV) receives $3.5 million worth of Green Technology Metals (GT1) shares after the latter acquired a further 29 per cent interest in their lithium joint venture (JV) project in north-west Ontario, Canada
- Green Technology has issued about 4.04 million of its shares to Ardiden valued at $3.5 million based on the five-day volume-weighted average price (VWAP) of GT1 shares up to March 25
- The latest payment takes the lithium JV project interests to 80 per cent held by Green Technology and Ardiden 20 per cent
- Ardiden now owns about 13 million shares in Green Technology, which equates to a 6.47 per cent shareholding and a current market value of about $11.7 million
- ADV shares down 3.57 per cent to 1.4 cents
Ardiden (ADV) has received $3.5 million worth of Green Technology Metals (GT1) shares after the latter acquired a further 29 per cent interest in their lithium joint venture (JV) project in north-west Ontario, Canada.
The JV incorporates the Seymour Lake, Root Lake and Wisa Lake prospects.
Green Technology issued about 4.04 million of its shares to Ardiden valued at $3.5 million based on the five-day volume-weighted average price (VWAP) of GT1 shares up to March 25.
The latest payment takes the lithium JV project interests to 80 per cent held by Green Technology and Ardiden 20 per cent and Ardiden now owns about 13 million shares in Green Technology, which equates to a 6.47 per cent shareholding and a current market value of about $11.7 million.
Ardiden’s stake would continue to be free carried by Green Technology to the earlier of completion of a positive bankable feasibility study or a decision to mine.
The company said its direct interest in the JV and shareholding in Green Technology provided a “strong continued exposure to the exploration and development of the (lithium) JV projects and industry dynamics”.
Ardiden said the lithium JV arrangement would allow it to focus on systematic exploration at its Pickle Lake gold project in the well-endowed Uchi Geological Sub province of north-west Ontario, where drilling commenced in January 2022.
ADV shares were down 3.57 per cent to 1.4 cents at 1:41 pm AEDT.
