Cosmos Exploration finalises merger With EAU Lithium

Cosmos Exploration (ASX:C1X) finalised its merger with EAU Lithium after receivingshareholder approval at its general meeting on May 11.

Under the terms of the agreement, Cosmos has acquired 100% of the issued capital of EAU Lithium, issuing approximately 108 million shares to the target company’s original shareholders.

Following the acquisition, EAU Lithium will maintain its existing management team and continue as the controlling entity of its direct lithium extraction operations in Bolivia.

This includes preserving its commercial partnerships, notably its strategic alliance with Vulcan Energy Resources and a crucial negotiation agreement with Bolivia’s state-owned lithium authority, Yacimientos de Litio Bolivianos.

The transaction marks a significant milestone for both companies, granting EAU Lithium vital access to German investors via Cosmos’ Frankfurt exchange listing.

Accompanying the merger is a major leadership restructure: EAU Lithium directors James Durrant and Todd Romaine have joined the Cosmos board, with Durrant stepping into the role of chairman.

He succeeds non-executive director James Bahen, who resigned upon completion of the deal.

Newly appointed Chairman Durrant highlighted that the merger positions the business for a long-term future in Bolivia, utilising Vulsorb technology, significantly bolstering their technical capabilities and investor base.

At the time of reporting, Cosmos Exploration’s share price was $0.14.