Leading Edge Materials shares nudge higher as it names co-owner of Romanian venture

Leading Edge Materials Corp (CVE:LEM) updated further on its battery metals joint venture (JV) in Romania.

On Friday, the materials and energy metals firm said it had closed the exploration alliance , handing over 367,006 Leading Edge Materials shares to its joint venture partner in return for a 51% stake.

That partner is Remat Group Ltd, said LEM today,  a company incorporated under the laws of Romania.

Remat is focused on metals and mining in Romania, the principals of which have been known by the company for over two years, it added.

Leading Edge has the right to increase its stake in the JV to 90% through the issue of a further 2.2mln of its shares to the co-owner of the JV.

Leading Edge Materials will incur all exploration expenditures and has agreed to “free carry” the co-owner – namely, pay all the costs – to production although no firm exploration expenditure commitments are required under the joint venture agreement.

LEM shares in Toronto nudged up 2.35% to stand at C$0.44.

Story by ProactiveInvestors