Lithium exploration company Medaro Mining said it plans to carry out a strategic reorganization of its assets through which it would spin-out its interest in Global Lithium Extraction Technologies (GLET) into a newly created entity.
The new company would be entirely focused on the development and commercialization of GLET’s lithium extraction technology, while Medaro would be focused on its Quebec and Saskatchewan lithium and uranium exploration projects.
There would be no change in shareholders’ holdings in Medaro Mining as a result of the spin-out.
“We believe the spin-out of the GLET, Hardrock Lithium Extraction Technology (HLT) will be very beneficial to shareholders. The spin-out of the technology assets from Medaro will unlock the value of the HLT by allowing it to be developed separately, by a skilled and experienced management team, and it will allow our shareholders to own shares in two companies,” said Medaro Mining CEO Michael Mulberry.
“Post spin out, Medaro will dedicate efforts towards its suite of lithium exploration assets with a focus on the Quebec properties, which are all in close proximity to each other and have similar geology.”
Medaro holds options over the Darlin, Rapide, Lac La Motte and CYR South lithium properties in Quebec and the Yurichson Uranium property in the Athabasca basin in Saskatchewan.