The 51:49 Kanuka joint venture with Mining Mineral Resources (MMR) – part of the Vinmetals Group that has reportedly operated for 20 years in DRC – adds to Force’s nearby Kitotolo lithium project.
Force will issue A$200,000 worth of shares to MMR and fund $2 million of exploration – including contracting MMR’s drilling equipment – as part of the deal, with another $1 million worth of shares going MMR’s way (plus royalty) upon a resource estimate containing 1 million tonnes of lithium.
Force has undertaken a $3 million capital raising by issuing new shares priced at 5c each to fund its DRC lithium ventures.
Force’s strategic direction and management was changed out in June when David Sanders was appointed a non-exec director and Jason Brewer a non-exec director.
The company first headed to DRC in August.
Shares in Force were up 58% to 7.9c in midday trade, capitalising the company at $21.5 million.
The stock was at 1.6c in June.
