Lithium Plus Minerals Ltd (ASX:LPM) has entered into a binding term sheet to acquire to acquire 50% stake in MacDonnell Ranges Uranium Project and Fox Hill REE Project from Double Eagle Resources Pty Ltd and GS Metals Pty Ltd on June 12, 2024. Aa part of the consideration, a cash consideration of AUD 0.1 million will be paid by Lithium Plus Minerals Ltd. along with 0.5 million LPM shares. Lithium Plus Minerals Ltd will also issue LPM 0.5 million unlisted options exercisable at AUD 0.30 each and expiring 3 years after issue.

Post-completion, the Newco board will comprise a total of five directors. The transaction documents will be on customary terms which are appropriate for a transaction of this nature and will include a customary set of warranties and indemnities which are appropriate depending on the acquisition structure chosen. The transaction is subject to consummation of due diligence investigation.

The expected completion of the transaction is June 12, 2024 to June 30, 2024.