Chariot Corporation Limited (ASX:CCU) has announced a second amendment to its agreement with Black Mtn. Lithium Corp. (BMLC) through its subsidiary, Panther Lithium Corporation. The amendment aims to enhance Chariot’s financial flexibility in acquiring the Black Mountain lithium project in Wyoming. Under the revised terms, Panther Lithium Corporation will now make seven cash installments totaling USD $1,450,000 by September 30, 2026, instead of the original plan of three payments by December 30, 2025. Additionally, Chariot will issue 2 million fully paid ordinary shares to BMLC, increasing the overall purchase price.
The new payment schedule involves a series of installments starting with USD $125,000 due by March 31, 2025, followed by subsequent payments in June, September, and December 2025, and further installments in March, June, and September 2026. The issuance of 2 million Chariot shares is subject to a six-month escrow period and shareholder approval, which is expected to be sought at a meeting no later than May 31, 2025. Should shareholder approval not be obtained, Chariot will provide BMLC with a cash payment equivalent to the value of the 2 million shares, calculated based on the 10-day VWAP (volume-weighted average price) as of the shareholder meeting date. This restructured agreement provides Chariot with a more extended timeline for fulfilling its financial obligations while also incorporating an equity component. Chariot is focused on discovering and developing high-grade, near-surface lithium opportunities in the United States, with core projects including the Black Mountain Project and the Resurgent Project. The company also holds interests in exploration pipeline projects in Wyoming, Western Australia, and previously Zimbabwe.
