Australian mining company SensOre will demerge its technology business and focus primarily on lithium and critical minerals exploration, following a rebrand to Premier1 Lithium.
The restructure coincides with a $3 million investment to fund drilling at the Abbotts North Lithium Project, as well as the overall expansion of the company’s lithium portfolio.
Deutsche Rohstoff AG, a joint-venture partner with SensOre, agreed to acquire a 70% interest in lithium assets not already owned by SensOre.
In the deal, Deutsche Rohstoff will acquire 19.9% of SensOre against the issuance of 34.3 million shares within SensOre.
The technology demerged will operate as an independent, unlisted entity with venture capital and further investors currently under discussion.