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(Sharecast News) - Minerals explorer Firering has increased its stake in its flagship Atex lithium-tantalum project in Côte d'Ivoire, it announced on Thursday, to 90%.
The AIM-traded firm said the increase was under an existing option shares agreement between Firering and Atex, entered on 31 March 2021.
It said the acquisition was split between Firering and Ricca Resources under an investment agreement announced on 2 November last year.
The consideration was €0.26m, with Firering paying €58,742 and Ricca paying €199,742.
Firering's stake in Atex increased from 77% to 90% following the transaction.
The remaining 10% of the option shares would be retained by the vendor, a local owner, in order to retain a shareholding interest in the Atex project moving forward.
Firering's board said the transaction was in line with its strategy to focus on critical minerals and develop Atex to feed "rampant demand" for ethically-sourced minerals required for the net zero transition.
"The Atex project has the potential to become a significant lithium resource in West Africa in a relatively short period of time," said chief executive officer Yuval Cohen.
"The quality and potential of Atex was recognised by Ricca who is earning into the project and supporting us in fast tracking the project to definitive feasibility study.
"This, coupled with the success of our phase one drilling campaign and start of the phase two soil sampling programme announced at the beginning of this year, made our decision to increase our stake in the project to 90% an easy one."
At 1317 GMT, shares in Firering Strategic Minerals were up 1.62% at 7.82p.
Reporting by Josh White for Sharecast.com.
