Kairos Minerals Becomes Substantial Holder of Global Lithium Resources
Kairos Minerals Limited (ASX: KAI), an Australian exploration company focused on gold discoveries in Western Australia, has announced that it has acquired a substantial holding in Global Lithium Resources Limited (ASX: GL1), a lithium exploration company with a flagship project in Western Australia.
According to the Form 603 filed with the ASX, Kairos Minerals purchased 10,100,000 ordinary shares of Global Lithium on 22 March 2023, representing 5. 12% of the total issued capital of Global Lithium.
The acquisition was made as part of a capital raising initiative by Global Lithium, in which the company issued 40 million new shares at a price of $1. 35 per share to raise a total of $54 million. This capital raising was supported by various institutional and sophisticated investors, including Kairos Minerals, which invested $13. 635 million in Global Lithium.
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The funds raised through the capital raising will be utilized by Global Lithium to advance its Marble Bar Lithium Project. The project already has a JORC (2012) Mineral Resource estimate of 10. 5 million tonnes at 1. 0% Li2O and offers significant potential for further exploration.
Kairos Minerals stated that its investment in Global Lithium aligns with its strategy to create value for its shareholders by leveraging its expertise and experience in the battery metals sector. In addition to this investment, Kairos Minerals holds a 100% interest in the Mt York Lithium-Gold Project, which is situated adjacent to the Pilgangoora lithium district in Western Australia and features a JORC (2012) Mineral Resource estimate of 14. 4 million tonnes at 1. 3% Li2O.
The acquisition by Kairos Minerals further underscores the company's commitment to the battery metals sector and its confidence in the future potential of Global Lithium Resources.
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