Accelerate Resources Limited (ASX:AX8) has conditionally agreed to acquire Mt Sholl Holdings Pty Ltd from Grant Mooney, Mark Thompson and Philippa Jean Laufmann for AUD 4.5 million on October 6, 2023. Under the terms of agreement, Accelerate Resources will pay initial cash consideration of AUD 250,000, and 25,000,000 of Accelerate Resources shares and deferred Cash Consideration of AUD 350,000 payable upon the approval of a program of Works approval and receipt of a heritage clearances for an initial drilling program on the tenements; 35 million of Class A Performance Shares which will vest upon the approval of a Program of Works approval and receipt of a heritage clearances for and initial drilling program at on the tenements within 2 years of the date of issue; 35 million of Class B Performance Shares which will vest upon Accelerate Resources announcing to ASX a drilling intercept of at least 20m of no less than 1.0% Li2O on any of the tenements within 3 years of the date of issue; 35 million Class C Performance Shares which will vest upon Accelerate Resources announcing to ASX a JORC compliant maiden lithium Resource on the tenements within 5 years of the date of issue and 40 million Class D Performance Shares which will vest upon Accelerate Resources announcing to ASX a minimum 10 million tonne JORC compliant lithium resource within 5 years of the date of issue. The Initial Consideration Shares and Class A Performance shares are subject to a 12 month voluntary escrow period. The transaction is expected to close on November 30, 2023 and is subject to completion of due diligence by Accelerate Resources, receiving valid applications for AUD 3 million under a capital raising transfer of Mt Sholl title to Accelerate Resources, Accelerate Resources receiving shareholder approval and obtaining all necessary regulatory approvals.

Accelerate Resources Limited (ASX:AX8) completed the acquisition of Mt Sholl Holdings Pty Ltd from Grant Mooney, Mark Thompson and Philippa Jean Laufmann on February 8, 2024.