Spodumene producer Pilbara Minerals could execute a share sale agreement to acquire Altura Mining's lithium project in Western Australia in early December, subject to completion of the receivership process, it said on Wednesday November 11.
"The placement and entitlement offer would be launched concurrently," the producer added.
A filing with the Australian Securities Exchange (ASX) on October 26 announced that spodumene producer Altura Mining had entered receivership, and that Richard Tucker and John Bumbak of advisory and investment firm KordaMentha had been appointed receiver and manager respectively, taking immediate control of all operations.
The move followed unsuccessful attempts by the company to refinance more than $250 million of debt owed to secured creditors,
a press release published by KordaMentha said.
Should the acquisition proceed on completion of the receivership process, the receiver would enter into a share sale agreement with Pilbara Minerals.