Sultan Resources Limited (ASX:SLZ) entered into Binding Term Sheet to acquire The Kember Lake Lithium Project and The Ruddy Lithium Project from XS Minerals Ltd. for AUD 2.2 million on March 17, 2023. XSM a total of 34,905,660 fully paid ordinary shares, being AUD 1.85 million worth of fully paid ordinary shares in the capital of the Company at a deemed issue price of $0.053, XSM (and/or their nominee) AUD 185,000 and CAD 6,000 (AUD 6526) cash consideration; and the Canadian Vendors CAD120,000 (AUD 130517) cash consideration. As of May 24, 2023, Sultan Resources Limited successfully completed the second tranche of its recent placement. In total, the Company issued 30m shares at CAD 0.05 per share to raise CAD 1.5m (pre costs) from resource experienced sophisticated and high net worth investors. The Company shall now move to finalize settlement of the Acquisition. The transaction is subject to Sultan completing a capital raising and obtaining all necessary regulatory and shareholder approvals, and the parties entering into the applicable royalty deeds in respect of the NSR.

Sultan Resources Limited (ASX:SLZ) completed the acquisition of The Kember Lake Lithium Project and The Ruddy Lithium Project from XS Minerals Ltd. on May 25, 2023.