MRG Metals acquired 100% ownership of two significant lithium projects in Western Australia, Lake Johnston and Forrestania.
The Lake Johnston tenement covers 136km2 and is positioned near TG Metals' (ASX: TG6) Burmeister Project and recent lithium discoveries. The Forrestania tenement, comprising 26km2, aligns with the central Forrestania mineralised belt.
The acquisition involved an initial cash payment of $12,500 and the issuance of 15 million MRG shares, with an additional 15 million shares upon gaining access approval for surface sampling.
A capital raising of $500,000 was completed through the placement of 250 million fully paid ordinary shares at $0.002, with 1-for-1 free attaching options.