- Holly Street Capital Ltd. (HSC.P) has signed a binding letter of intent to acquire all issued and outstanding securities of US Critical Metals Corp. (USCM)
- At the closing of the transaction, USCM will have 27,500,000 common shares and 25 million warrants
- USCM may acquire a 100 per cent interest in the Idaho Property by paying a total of $100,000 and issuing an aggregate of 2.5 million USCM Shares to the vendor
- USCM may acquire a 100 per cent interest in the Nevada Property by paying a total of $225,000 and issuing 2.5 million common shares of USCM
- The companies will complete a concurrent financing of securities of Holly Street or USCM for gross proceeds of $2 million
- The proceeds will cover expenses of the transaction and concurrent financing and the working capital requirements of the resulting issuer
- Holly Street Capital Ltd. (HSC.P) is unchanged trading at $0.135 per share at 1:28 p.m. ET
Holly Street Capital (HSC.P) has signed a binding letter of intent to acquire all issued and outstanding securities of US Critical Metals Corp. (USCM).
USCM is a private company that has focused on mining projects that will further secure the US supply of critical metals.
At the closing of the transaction, USCM will have 27,500,000 common shares.
It also has 25 million share purchase warrants.
According to option agreements, USCM may acquire the right to acquire a 100 per cent interest in two mineral exploration projects: the Haynes Cobalt Property, located in Idaho, and the Nevada Lithium Property.
USCM may acquire a 100 per cent interest in the Idaho property by paying a total of $100,000 and issuing an aggregate of 2.5 million USCM shares to the vendor.
USCM may acquire a 100 per cent interest in the Nevada Property by paying a total of $225,000 and issuing 2.5 million common shares of USCM.
USCM is also in the process of completing a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical report in respect of the Idaho property.
The companies will complete concurrent financing of securities of Holly Street or USCM for gross proceeds of $2 million.
The proceeds will cover expenses of the transaction and concurrent financing, cash payments for the acquisition of the Idaho property and Nevada property, exploration and other expenses for the properties, and the working capital requirements of the resulting issuer.
Holly Street Capital Ltd. (HSC.P) is unchanged trading at $0.135 per share at 1:28 p.m. ET.