Askari Metals (ASX:AS2) satisfies conditions precedent to Huayou investment

Askari Metals (ASX:AS2) has secured a $2.5M strategic investment for 4,500,000 shares at an issue price of $0.55 per share from Huayou International Resources.

The high-grade battery and precious metals producer says the funds will be used to accelerate exploration at the Uis Lithium Project in Namibia.

Huayou International Resources intends to grow its equity position in Askari Metals to 9.9% and maintain its stake by participating in future security issues.

Askari Metals' share price was up $0.45 at 10:40am AEST.