LONDON (ShareCast) - (Sharecast News) - Thor Mining updated the market on the proposed disposal of its interest in USA Lithium on Tuesday, noting an announcement on Sydney's ASX by Hawkstone Mining that the previously-terminated, conditional agreement for the acquisition of 100% of the shares of USA Lithium had been restructured.
The AIM-traded firm said consideration for the acquisition remained unchanged, although the issue of consideration shares for the acquisition was now agreed as 125 million initial consideration shares on completion, and 125 million deferred consideration shares.

Those deferred consideration shares were subject to the buyer, within 36 months from completion, declaring an inferred resource at the Big Sandy Lithium Project of not less than 30 million tonnes at a grade greater than 2,000ppm lithium, and the ASX granting a waiver from Listing Rule 7.3.2 for the issue of the deferred shares.

"The acquisition is subject to a number of other completion conditions including a capital raising by Hawkstone of $2.75m and approval of shareholders," the Thor board said in its statement.

"Hawkstone has indicated that a meeting of shareholders to approve this revised agreement will now be held in early August."

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