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SensOre (ASX: $S3N) restructures to focus on lithium and critical minerals exploration

SensOre (ASX: $S3N) strategic restructuring and acquisition announcement


SensOre Limited (ASX: $S3N) has announced a strategic restructuring to focus on lithium and critical minerals exploration. The company plans to rebrand as Premier1 Lithium Limited pending shareholder consent. Additionally, SensOre has entered an agreement with joint-venture partner Deutsche Rohstoff AG for the acquisition of the 70% interest in lithium assets that SensOre did not already own via a scrip deal. The company has also secured a well-supported $3m placement to fund Premier1 Lithium and drilling of the Abbotts North lithium project, among other initiatives.

Executive commentary on SensOre's strategic restructuring and acquisition


The company is directing itself towards being a 'data as a service company' with attaching AI/ML and geoscientific software tools. We believe the business has global appeal and the intention, once separated, is to seek venture funding to expand the data cube and the data as a service business globally. The cash generated from existing operations along with further venture funding will assist greatly with the future development of the technology business over the coming years.

Summary of SensOre's strategic restructuring and acquisition announcement


SensOre (ASX: $S3N) has announced a strategic restructuring to focus on lithium and critical minerals exploration, including the rebranding as Premier1 Lithium Limited pending shareholder consent. The company has also entered an agreement to acquire the 70% interest in lithium assets it did not already own, and secured a $3m placement to fund future exploration and drilling initiatives. Additionally, SensOre will privatise its technology assets and operate as an independent, unlisted entity. The company aims to continue providing consulting services around data, prospect generation, and targeting, while pursuing new opportunities using its successful technology methodology. The announcement outlines the company's ambitions to expand its data as a service business globally and its focus on advancing early drilling on the Abbotts North lithium project and the wider lithium portfolio. SensOre's strategic changes are subject to shareholder and regulatory approvals, with the company seeking advice from ASX on relevant Listing Rules. The announcement also highlights the company's intention to hold a General Meeting of SensOre Shareholders to procure the necessary approvals for the proposed transactions.

Sourcehttps://announcements.asx.com.au/asxpdf/20231218/pdf/05yp0sb1gv5jd3.pdf

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