02/07/2012 - 15:03

Cape Lambert takes stake in Global Strategic Metals

02/07/2012 - 15:03

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Tony Sage’s Cape Lambert Resources has become lithium miner Global Strategic Metals’ cornerstone investor, subscribing for a 19.8 per cent interest in the Perth-based exploration company.

Global announced today that Cape Lambert had purchased just over 28 million shares at an issue price of 7 cents, as well as 5.6 million free attaching options, also priced at 7 cents each.

As part of the transaction, Tony Sage has been appointed non-executive chairman, with Benjamin Hill and Declan Kelly also joining the Global board as non-executive directors.

Sevag Chalabian and Vince Fayad has resigned as directors, while Anthony Roberts will continue in his role as executive director of Global.

Also today, Global announced that Exchange Minerals, had agreed to capitalise a €1.2 million loan provided to a Global subsidiary in return for 22 million Global shares.

By close of trade today, Global shares had rocketed on the Australian Securities Exchange, up 60 per cent at 8 cents.

The company is seeking to develop the Wolfsberg lithium project, in Austria.

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