Lithium Australia NL (ASX:LIT) now holds circa 311 million shares, of 17.76% of fellow Western Australian lithium play Lepidico (ASX:LPD).
LIT recently outlined that it intends to make a conditional off-market scrip bid of A$23.8 million for all of the fully paid shares in Lepidico.
The basis of the offer will be one LIT share for every 13.25 Lepidico shares.
LIT wholly-owns the Sileach™ and LieNa™ processes.