Australian Strategic Materials Limited (ASM) is pleased to advise that the consortium of South Korean Investors, comprising Cerritos Holdings Co., Ltd, Kamur Partners LLC and ACE Equity Partners LLC, (the Investing Partnership) has successfully completed due diligence on the Company’s flagship Dubbo Project. This represents a key milestone in progressing the consortium fund’s proposed conditional investment under the Framework Agreement. (see ASX Announcement: 21 July 2021)
After a delay due to COVID-19 travel restrictions, ASM recently hosted an extensive Australian due diligence visit by the Investing Partnership. This included visiting the Company’s Dubbo Project and discussing ASM’s research partnerships and business activities in Australia.
ASM’s Managing Director, David Woodall, said the completion of due diligence to the satisfaction of the Investing Partnership had taken place in parallel with continued progress on the remaining formal binding terms of the consortium’s investment.
“We are very pleased to have successfully concluded the due diligence process. Together we are now focused on securing a significant South Korean strategic investor to partner with ASM on its Dubbo Project, and to completing the terms for a formal binding agreement.”
“Our relationship with our Korean partners continues to go from strength to strength,” Mr Woodall said.
Spokesperson for the Investing Partnership, CEO and Founder of Cerritos Holdings Co., Ltd, Pumsoo Ra said the Investing Partnership was committed to working with ASM to finalise an investment in relation to the Company.
“It is clear that ASM has the resources and technical capacity to partner with us to support the supply chain of critical metals needed for the production of clean energy technologies such as electric vehicles and renewable energy generation capacity, as well as advanced electronics,” Mr Ra said.
“We need that supply chain to be secure and reliable, and we look forward to continuing our discussions with ASM and our partners in Korea.”
ASM will continue to update the market as further milestones are reached.