FIRST LITHIUM LIMITED ASX Announcement
29 April 2022
ACN 009 081 770
Registered Office:
Level 21, 459 Collins Street Melbourne VIC 3000
Contact:
Phone: +61 (0)3 8630 3321 Email:admin@ookami.com.auBoard of Directors: John Ciganek (Non-Executive Chair)
Joseph van den Elsen (Managing Director)
Emmanuel Correia (Non-Executive Director)Andrew Law (Non-Executive Director)
Company Secretary: Justin Mouchacca
Securities on Issue: 37,946,667 ordinary shares 3,500,000 unlisted options
Current Share Price - $0.175 (as at 28 April 2022)Market capitalisation - ~$6.6m (as at 28 April 2022)
Cash at Bank - $4.29M (as at 31 March 2022)
About Ookami Limited
Ookami Limited (ASX: OOK) is an ASX listed company focused on the exploration and development of resource projects in Africa. The Company's current projects are:
- Messok East Co-Ni Project (located in Cameroon)
- Boulbi Project (located in Senegal)
31 March 2022 Quarterly Activities Report &
Appendix 5B
• During the quarter, the Company continued to advance the assessment and evaluation of its Messok East and Boulbi Projects.
• The Company's Managing Director spent time during the quarter in Cameroon, assessing a complementary acquisition opportunity.
• As at 31 March 2022, Ookami held cash reserves of $4,290,000.
• Subsequent to the quarter's end, Ookami entered into an agreement under which it will have the right to acquire up to an 85% interest in a Rutile and Heavy Mineral Sands Project in Cameroon.
• Subsequent to the quarter's end, and concurrent with the aforementioned acquisition, the Company announced a ~$2 million capital raising via a ~A$1.35 million placement and a ~A$683,000 fully underwritten entitlement offer.
Ookami Limited (ASX: OOK) ("Ookami" or the "Company") provides the following report and attached Appendix 5B to its shareholders for the quarter ending 31 March 2022.
Exploration activities
During the quarter Ookami's Managing Director returned to Cameroon to continue discussions with local service providers and stakeholders and to assess complementary acquisition opportunities.
Subsequent to the quarter's end, the Company announced that it had entered into a share sale agreement to acquire 100% of the issued share capital of African Mining Corporation Pty Ltd (AMC) (Transaction). AMC has the right to earn up to an 85% equity interest in three Cameroonian incorporated entities, Heritage Mining Ltd, Mungo Resources Ltd and Elephant Mining Ltd (together, the Cameroonian Companies), which have applied for six mineral exploration permits in southern Cameroon (Permits). These Permits cover a total area of approximately 2,600km2 and are considered prospective for Rutile and Heavy Mineral Sands (HMS)(Transaction).
In connection with the Transaction, the Company has received firm commitments for a placement to institutional, professional and sophisticated investors to raise ~A$1.35 million (before costs) and will also undertake a fully underwritten pro rata non-renounceable entitlement offer to existing shareholders to raise an additional ~A$683,000 (before costs) (together, the Capital Raising). Funds raised from the Capital Raising will be used to fund exploration at the Permits and working capital purposes.
To support the Company's activities, the Company is pleased to also announce the appointment of Andrew Law to the Board as an Independent Technical Director. Andrew has over 35 years' experience in the mining and resources industry in Australia, Africa and South America and has extensive technical and management experience including large mineral sands dry mining and dredging environments.
Joseph van den Elsen, the Company's Managing Director, will transition to a Non-Executive Director role.
Exploration Expenditure
The table below compares the Company's actual expenditure against the 2 Year Use of Funds table contained in the Replacement Prospectus dated 23 April 2021:
Use of funds as contained in the Prospectus | 2 Year Use of Funds as contained in the Prospectus | Actual amount spent to date (for the period between 14 July and 31 March 2022) |
Boulbi Project Exploration Expenditure | $2,500,000 | $124,500 |
Messok East Project Exploration Expenditure | $700,000 | $112,100 |
Corporate Administration and Loan Repayment | $815,000 | $668,728 |
Working Capital | $1,027,373 | - |
Costs of the Offers | $735,400 | $725,350 |
Total | $5,777,773 | $1,630,678 |
Summary of Corporate activity
Subsequent to the quarter's end, the Company announced the proposed acquisition of a Cameroonian
HMS Project, a Capital Raising and the appointment of a Technical Director.
Summary of Cash Flows
Ookami finished the quarter with cash reserves of $4,290,000.
Appendix 5B related party payments
Payments to related parties of $63k for Director remuneration were made during the December 2021 quarter.
Interests in Mining Tenements
Below is a summary of the mining tenements held by the Company at the end of the quarter:
Mining Project | Location | Beneficial Percentage held | Interest acquired/farm-in or disposed/farm-out during the quarter |
Messok East Project Licence No. 000095 - | Republic of Cameroon, Africa | 100% | 100% |
Boulbi Project - Licence No. 000502 | Republic of Senegal, Africa | 51% | 51% |
-Ends-
This report and the attached Appendix 5B have been authorised for release by the Board of Ookami Limited.
For more information, please contact:
Investor enquiries:
Joseph van den Elsen | Justin Mouchacca |
Managing Director: | Company Secretary |
P: +61 (0)3 8630 3321 | P: +61 (0)3 8630 3321 |
About Ookami Limited | |
The Company |
was readmitted to the Official List (ASX code: OOK) in July 2021 and has been focused on the assessment and evaluation of its 100% owned Messok East Co-Ni Project and the Boulbi Permit Joint Venture (51% earning to 70%). The Company actively seeks to identify, assess and potentially acquire complementary opportunities.
Forward Looking Statement
This ASX announcement may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Ookami Ltd.'s current expectations, estimates and assumptions about the industry in which Ookami Ltd operates, and beliefs and assumptions regarding Ookami Ltd.'s future performance. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Ookami Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Ookami Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
OOKAMI LIMITEDABN
67 009 081 770
Quarter ended ("current quarter")
31 March 2022
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| - (69) - - (26) (71) - - - - - - | - (245) - - (219) (333) - - - - - (179) |
(166) | (976) |
2.
Cash flows from investing activities
2.1
Payments to acquire or for:
(a) | entities | - | - |
(b) | tenements | - | - |
(c) | property, plant and equipment | (2) | (2) |
(d) | exploration & evaluation (if capitalised) | - | - |
(e) | investments | - | - |
(f) | other non-current assets | - | - |
Page 1 |
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| - - - - - - - - | 20 - - - - - - - |
(2) | 18 |
| - - - - - - - - - | 5,779 - - (489) 3 (78) (11) - - |
- | 5,204 |
4. Net increase / (decrease) in cash and cash equivalents for the period |
4,458
4.1 Cash and cash equivalents at beginning of period
4.2 Net cash from / (used in) operating activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (item 2.6 above)
4.4 Net cash from / (used in) financing activities (item 3.10 above)
38
(166)
(976)
(2)
18
-
5,204
Page 2
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ookami Limited published this content on 29 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2022 02:41:02 UTC.
