Rubix Resources Limited (ASX:RB6) entered into a binding agreement to acquire Ceiling Lithium Project, James Bay, Quebec from DG Resource Management Ltd., Kitara Investment Pty Ltd and Shriver Nominees Pty Ltd for AUD 9.95 million on May 24, 2023. Key terms of the proposed consideration include: A cash payment of AUD 200,000; 12,500,000 Fully Paid Ordinary Shares; 15,000,000 Listed Options to acquire fully paid ordinary shares in the capital of Rubix, exercisable at AUD 0.20, on or before 16 June 2025; Issuance of 25,000,000 Performance Rights in two tranches: 12,500,000 Tranche 1 Performance Rights will convert into shares subject to announcement of at least five rock chip or trench sampling assay results from the Ceiling Lithium Project of at least 1% Li2O and 12,500,000 Tranche 2 Performance Rights will convert into shares subject to delineation of an inferred JORC Resource (or higher resource classification) totalling at least 10 million tonnes at a minimum grade of 1% Li2O; Each performance right will expire on the date that is four years from the date of issue; and a 2% net smelter royalty on all minerals produced and sold from the Ceiling Lithium Project.

The acquisition is conditional upon shareholder approval, financial and legal due diligence, the completion of an agreement between a 100% Canadian subsidiary of Ceiling Lithium and existing holder of the mineral claims Jody Dahrouge for the transfer of mineral claims, and other customary conditions for an acquisition of its kind. Rubix will seek shareholder approval for the acquisition of the Ceiling Lithium Project at a general meeting of shareholders, to be held on or around July 7, 2023. Completion of the acquisition is expected to occur on or around July 14, 2023.

Rubix Resources Limited (ASX:RB6) completed the acquisition of Ceiling Lithium Project, James Bay, Quebec from DG Resource Management Ltd., Kitara Investment Pty Ltd and Shriver Nominees Pty Ltd on September 5, 2023