Alderan Resources Limited (ASX:AL8) agreed to acquire Parabolic Lithium Pty Ltd for AUD 3.5 million on September 20, 2023. The consideration consists of - cash payment of AUD 0.11 million, 150 million Alderan shares of which 50% of the shares will be held under voluntary escrow for 6 months from date of issue, 100 million of class AL8OA options exercisable at AUD 0.016 each, expiring on September 9, 2025 and deferred consideration consisting of 275 Alderan shares based on different milestone targets. Proceeds from the Capital Raising are intended to be applied towards exploration activities at the Projects, expenditure on the Alderan?s existing projects, satisfaction of the Consideration and for general working capital purposes.

The transaction is conditional on Alderan completing and being satisfied in its sole discretion with its due diligence investigations on the Project, Alderan having obtained all necessary shareholder and regulatory approvals required, Alderan completing the Capital Raising, Alderan obtaining all necessary third party approvals or consents and no material adverse change occurring to the affairs of Parabolic between execution of the binding agreement and settlement. Alderan conditional share placement to raise approximately AUD 1.75 million.