Venari Metals completes 100% sale of Georgina Basin

• Venari Metals has finalised the sale of its wholly-owned subsidiary Knox Resources, owner of the Georgina Basin Project.
• The company issued 500,000 shares to Greenvale Energy to satisfy prior contractual obligations.
• Sale proceeds will fund exploration at the flagship Red Mountain Lithium Project in Nevada.

Venari Metals (ASX:VMS) has completed the 100% sale of subsidiary Knox Resources after satisfying all due diligence conditions.

The completion follows the initial transaction terms announced to the market on July 7.

Upon closing, the company issued 500,000 ordinary shares to former owner Greenvale Energy (ASX:GRV).

This share issuance fulfils contractual obligations under a January 2024 call option agreement between both parties.

The company stated that sale proceeds will fund advancement at its Red Mountain Lithium Project in Nevada.

Following the announcement, the Venari Metals share price was unchanged at $0.084.

Management stated the transaction aligns with plans to simplify the asset portfolio and focus on primary operations.