Red Mountain Mining Acquires lithium projects in Nevada
- Red Mountain Mining (RMX) is acquiring the Lithic and Mustang lithium projects in Nevada, US
- The company will buy the projects from Lithic Lithium for US$150,000 in cash, 179.5 million shares, up to 205.1 million performance rights, and a two per cent net smelter royalty
- The lithium projects lie ear infrastructure and potential offtake partners, and the Lithic project is just 29 kilometres from the only lithium-producing mine in the US
- RedMountain is raising $1.8 million through a placement to fund planned exploration work at the new projects
- RMX shares are trading 20 per cent higher at 0.6 cents at 2:59 pm AEDT
