Lightning Minerals Ltd (ASX:L1M) has entered into binding share sale agreement to acquire Bengal Mining Pty. Ltd. for AUD 4.6 million on April 22, 2024. The consideration will be paid in form of issuing 22.14 million shares and the issuance of 39.9 million performance rights converted into shares on a one for one basis subject to satisfaction of performance milestones.

14.28 million Performance Rights to vest into Shares subject to Lightning Minerals the delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 5Mt grading at least 1.0% Li2O within three years from the date of issue; b) Milestone 2: 14.28 million Performance Rights to vest into Shares subject to Lightning Minerals delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 10Mt grading at least 1.0%Li2O within four years from the date of issue; and c) Milestone 3: 11.42 million Performance Rights to vest into Shares subject to Lightning Minerals delineating a JORC compliant Mineral Resource Estimate on the Projects of at least 30Mt grading at least 1.0%Li2O within five years from the date of issue. Lightning Minerals has received firm commitments in relation to a placement from investors to raise AUD 1.5 million by issue of 21.42 million shares. The deal is subject to approval of shareholders of Bengal Mining, satisfaction of due diligence investigation, completion of private placement and regulatory approval.

As of May 28, 2024, all due diligence satisfied on Bengal Mining. All conditions precedent met except shareholder approval which is sought at upcoming EGM on June 13, 2024.