The Offer
Company Overview
The Company was established on September 27, 2021, and is an unlisted Australian public company limited by shares that is not listed. The Company has engaged in Option Agreements with the Project Vendors to acquire 100% interest in and title to the Projects, namely the Formentera Project, the Cilon Project, and the Tomas III Project, through its fully owned Argentinian subsidiary (Patagonia Lithium Argentina S.A.). The Company has and will continue its exploration, examination, and evaluation of the Projects.
Key Highlights
Primary Offering: By offering up to 40,000,000 shares at a price of AUD 0.20 per share, the Company is seeking to raise AUD 8,000,000 (before costs). With important Cornerstone Investors, the Company has entered into Subscription Agreements to agree to subscribe for up to AUD 3,000,000 before fees through the issuance of 15,000,000 Shares. The amount to be raised under the Offer will drop to AUD 5,000,000, subject to fulfillment under the Subscription Agreements. The Company retains the ability to raise AUD 8,000,000 (before costs) under the Offer if completion under the Subscription Agreements is not achieved.
Options on the issue of the company: As of the date of this Prospectus, the Company has granted 3,500,000 Options to its founders, promoters, Directors, and/or key management staff to purchase Shares. These Options have an expiration period of three years from the date of grant and are each exercisable at AUD 0.27. Following the Offer's conclusion, the Lead Manager will also receive 2,000,000 unquoted Options from the Company to purchase Shares in accordance with the Lead Manager Mandate. These Options shall be exercisable at AUD 0.27 and expire 3 years after the date of issuance.
Industry Overview:
Terms of Key acquisitions:
On 19 April 2022 and 22 October 2022, respectively, the Company exercised its option to buy the Formentera Project and the Cilon Project. The Company must execute its option to purchase the Tomas III Project before the option expiration date or earlier (30 November 2022).
The Formentera Project: A USD 100,000 option fee was paid on or around December 24, 2021. A USD 2,000,000 deferred cash payment will be due within ten business days following November 30, 2022.
The Cilon Project: Option fee of USD 35,000 paid on or around June 27, 2022, and option exercise deferred cash payment of USD 165,000 due after November 30, 2022, within ten business days.
Tomas III Project: Option fee of USD 100,000 paid on around 29 December 2021, option extension fee of USD 13,000 paid on around 12 September 2022, option exercise cash payment of USD 340,000 payable within ten business days after 30 November 2022 following the Company’s mandatory exercise of the option, and option exercise share issuance of 125,000 ordinary shares (at a deemed issue price of AUD 0.20 per share) issuable within ten business days after 30 November 2022 following the Company’s mandatory exercise of the option.
Use of proceeds:
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