Aterian plc (LSE:ATN) signed an Share Purchase Agreement to acquire 90% stake in Atlantis Metals (Pty) Ltd. from private Botswana citizen and a professional geologist on January 8, 2024. Atlantis currently holds four licenses covering a combined area of 3,516 km2, with one license targeting copper in the world-renowned Kalahari Copperbelt and three licenses for lithium brine exploration within the Makgadikgadi region of northern Botswana. Exploration expenditure commitments, acquisition consideration, and professional service fees will total a minimum of $0.8 million and be payable over the 12 months following the signing of the SPA. The private Botswana citizen,professional geologist who will retain a 10% Atlantis shareholding Atlantis and Botswana exploration activities for the Company. The transaction is subject to certain conditions precedent, including the change of control approval by the relevant authorities, completion of financial and corporate due diligence and the transfer of shares in Atlantis to a nominated subsidiary of Aterian. The holder of the outstanding 10% interest in Atlantis is a private Botswana citizen who is a professional geologist and is expected to be retained for a minimum 12-month contract to provide management and exploration services. David Coffman and George Duxberry from Novum Securities Limited act as financial advisor in this transaction.

Aterian plc (LSE:ATN) completed the acquisition of 90% stake in Atlantis Metals (Pty) Ltd. from private Botswana citizen and a professional geologist on April 8, 2024.