Cohiba to acquire Canadian lithium tenements
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PERTH (miningweekly.com) – Junior Cohiba Minerals has announced the acquisition of unlisted Maple Minerals, which holds the rights to acquire four lithium and rare earth element (REE) properties in Ontario.
Under the acquisition, Cohiba will issue 50-million shares to the vendors, as well as two tranches of 62.5-million performance rights each, which could be converted into fully paid ordinary shares in the company subject to exploration milestones being reached at the project area.
Under the terms of the acquisition agreement that Maple Minerals has with the current holder of the projects, Cohiba will also pay a cash consideration of C$259 000 and a 1.5% net smelter royalty on the production of any minerals from the area. Following the completion of the transaction, the company will have the ability to re-purchase 0.5% of the net smelter royalty for A$500 000.
“We are delighted to have been able to execute binding agreements for this acquisition and secure these strategic tenements within known lithium and REE terranes. North-west Ontario is recognised as a key lithium province and with highly attractive geological and structural precursors within close proximity to known lithium resources we are confident of yielding exploration success,” said Cohiba CEO Andrew Graham.
“Canada is forecast to be a significant supplier of critical minerals, including lithium, which is evidenced through the recent deal between Green Technology Metals (GT1) and LG Energy Solutions (LGES) which saw LGES invest A$20-million in GT1 to become a substantial shareholder and major offtake partner. Following an extensive due diligence process we are confident that we have secured an exceptional portfolio of projects and look forward to undertaking some detailed reconnaissance work in the upcoming summer season.”
The Maple Minerals transaction is subject to shareholder consent.