Sultan completes the second tranche of the placement

Sultan Resources Limited (ASX: SLZ) announces the completion of the second tranche of its recent placement (Placement). The company issued 30 million shares at AU$0.05 per share to raise AU$1.5 million (pre-costs) from resource-experienced, sophisticated, and high-net-worth investors.

Completion of the Placement was a prerequisite for the settlement of the acquisition (Acquisition) of 100% of the Kember and Ruddy lithium assets in Ontario, Canada (Canadian Lithium Assets) from XS Minerals. Sultan Resources will now carry out the settlement of the acquisition. The company continues to evaluate historical data for the Canadian Lithium Projects, and as the Canadian field season begins, the company is actively planning for exploratory efforts at each asset.

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