Monger Gold: Completes acquisition of Scotty lithium project in Nevada, USA

Monger Gold Completes acquisition of Scotty lithium project in Nevada, USA

• Monger Gold (MMG) completes the acquisition of a majority stake in American Consolidated Lithium (ACL), which holds the rights to the Scotty lithium project in Nevada, USA
• The first phase is the 80 per cent acquisition of ACL through the issue of eight million shares at 25 cents each, along with four million options exercisable at 30 cents and expiring on July 6, 2024
• The acquisition is part of Monger’s venture into lithium exploration and is the first step in the company’s strategy to become a leading supplier of lithium to the North American downstream battery industry
• Monger says it is fully funded with approximately $4.75 million in the bank and planned to begin planned exploration with the aim of delineating the project’s maiden JORC resource
• Shares in Monger are down 10 per cent, trading at 27 cents as of 1:13 pm AEST