Azure Minerals Limited (ASX: AZS) announced that the SQM, subsidiary of global lithium company Sociedad Química y Minera de Chile S.A. will make a significant investment of up to AU$20 million to purchase a 19.99% stake in Azure via a two-stage transaction.
In the first stage of the Transaction, SQM subscribed for 16,381,720 ordinary shares in Azure at AU$0.2564 per share, raising AU$4,200,00 for Azure. In the second stage of the transaction, SQM will subscribe for an additional 61,626,471 ordinary shares at AU$0.2564 per share, raising a further AU$15,800,000 for Azure.
Completion of the second tranche of the transaction, SQM have to inform Azure that it has completed and is satisfied with its due diligence investigations into Azure and also both companies have entered into an offtake agreement under which SQM is entitled to an offtake right in respect of 25% of all lithium product in which Azure has an interest on arm’s length and commercially competitive terms.
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