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Anson Resources chairman and CEO purchases shares on-market

Bruce Richardson has acquired a further 168,000 shares and now holds a total of more than 24 million.

Anson Resources Ltd - Anson Resources chairman and CEO purchases shares on-market
The company intends to start a PEA for the Paradox Brine Project this quarter

Anson Resources Ltd’s (ASX:ASN) executive chairman and chief executive officer Bruce Richardson has shown his faith in the company’s lithium strategy with an on-market share purchase.

On January 10, 2020, Richardson acquired a further 168,000 shares taking his direct holding in the company to more than 5.848 million.

Richardson also holds in excess of 18 million shares in an indirect holding.

Securities last traded at 3.9 cents, up from 2.6 cents on January 6.

Investment facility

Last week the company secured access to a $3.275 million investment facility from its major shareholder Chia Tai Xingye International, Zhongfan Group.

Funds will be used towards a preliminary feasibility study (PFS) on the flagship Paradox Brine Project in US state of Utah, permitting and working capital.

The company will issue unsecured 3-year convertible notes in three tranches with a face value of $1.092 million per tranche paying 5% interest per annum at maturity.

Chia Tai has invested $5.5 million in the company in four tranches since October 2017.

Bromine produced

This followed the successful piloting and production of bromine in stage two test work in a bromine pilot plant in Germany owned and overseen by De Dietrich Process Systems GmbH.

The bromine samples will be offered to potential investors, end-users and offtake partners for their consideration.

De Dietrich has estimated equipment costing and operating assumptions which will be incorporated into a preliminary economic assessment (PEA) that Anson plans to begin this quarter.

The extraction test work on brine samples is an important step to derisking a future mining operation at Paradox and follows the recent production of a lithium carbonate bulk sample.

Quick facts: Anson Resources Ltd

Price: 0.019 AUD

ASX:ASN
Market: ASX
Market Cap: $14.89 m
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Anson Resources releases positive PEA on Utah based Paradox Basin Brine Project.

Anson Resources (ASX: ASN) CEO and Executive Chairman Bruce Richardson joined Steve Darling from Proactive to discuss the company releasing a PEA on their Paradox Basin Brine Project in Utah. Richardson talks about the numbers and when they may be looking at doing a PFS as well. He also...

on 9/6/20

2 min read