NDN Staffer
Khorixas, July 10 — Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is excited to announce a thrilling leap forward as it enters into a share purchase and subscription agreement dated July 9, 2023. Under this agreement (the “Transaction”), the Company has agreed to purchase and subscribe for up to 70% of the total issued and authorized ordinary par value shares of a Namibian private company (“Privco”).
Privco holds an impressive collection of 14 exclusive prospecting licenses covering a vast expanse of 307,778 hectares. These licenses include the highly promising Khorixas Gold Project, the Omatjete Gold and Lithium Project, and the Outjo Gold Project, collectively known as the “Damara Project.” The Damara Project offers Sulliden access to three distinct project areas renowned for their abundant gold and lithium deposits in Namibia.
The Transaction is an arm’s length transaction and subject to customary closing conditions, including the transfer of certain exclusive prospecting licenses to Privco. It is important to note that the Transaction does not involve the payment of finder fees nor will it result in any change of control of Sulliden. The acquisition of the initial 25% equity interest in Privco is expected to conclude by late 2023.
Rennie Morkel, CEO of Sulliden, expressed his delight regarding the acquisition, stating, “We are thrilled by this announcement, which further solidifies our commitment to strategic metals investment and presents an exciting opportunity in Namibia. The successful completion of this transaction will expand our portfolio, enabling us to tap into the potential of gold and lithium metals within a stable and well-governed region. It consolidates Sulliden’s ability to leverage profitable projects based on market trends. Additionally, alongside our other international projects, the inclusion of lithium in this transaction positions us to meet the increasing global demand for energy transition metals. I would like to express my gratitude to the dedicated teams at Sulliden and Privco, who have worked tirelessly to bring this exciting Namibian transaction to fruition.”
Situated in the Northern Zone of the Damara Orogenic Belt, the Damara Project boasts a geological setting renowned for orogenic gold deposits. Notable deposits in the area include QKR’s Navachab deposit, B2Gold’s Otjikoto deposit, and Osino’s Twin Hill gold discovery. With the Project’s location in this mineral-rich region, Sulliden has a unique opportunity to explore gold and lithium.
The Transaction signifies a momentous milestone for Sulliden, granting the Company access to a portfolio of high-potential gold and lithium projects within a stable and well-governed region. Leveraging its expertise in mineral exploration and development, Sulliden is poised to create significant value for its shareholders.
About Sulliden Mining Capital Inc.
Sulliden is a forward-thinking mining company focused on acquiring and advancing brownfield, development-stage, and early production-stage mining projects across the Americas, Australia, and Africa. With an array of gold, copper, and lithium projects in its portfolio, Sulliden is committed to developing these projects responsibly and sustainably.
In conclusion, the Sulliden Mining Capital Inc. transaction marks a transformative leap for the Company, opening the door to a portfolio of high-potential gold and lithium projects within a stable and well-governed region. It also presents Sulliden with a remarkable opportunity to leverage its expertise in mineral exploration and development, driving value for its valued shareholders. – Namibia Daily News
