Mr. Edward Yew reports
HIGHLAND CRITICAL MINERALS CORP. ENTERS INTO BINDING LETTER OF INTENT TO ACQUIRE MINING CLAIMS LOCATED IN THE TERRITORY OF NUNAVUT
Highland Critical Minerals Corp. has entered into a binding letter of intent (the LOI) to acquire a 100-per-cent interest in certain mining claims located in the territory of Nunavut, Canada. The mining claims represent approximately 3,138.874 hectares of mineral exploration property located in the Yathkyed Lake greenstone belt, in the Kivalliq region of Nunavut (the mining claims). The company will complete the acquisition of the mining claims through its wholly owned subsidiary, 6025 Nunavut Ltd.
Terms of the acquisition
Under the terms of the acquisition the company will issue 50,000 Class A common shares of the company in consideration for the mining claims. Pursuant to the LOI, the consideration shares will be subject to a minimum lockup period of one year following completion of the acquisition.
The LOI provides for an exclusive negotiating period between the company and the vendor of the mining claims of 120 days from the signing of the LOI (the exclusivity period) and is subject to completion of customary due diligence by company. Prior to the expiry of the exclusivity period, the parties will negotiate and enter into a definitive purchase agreement with respect to the acquisition. The definitive agreement is expected to include customary covenants, closing conditions, including required regulatory approvals, indemnification provisions and termination rights. There can be no assurances that the company will enter into a definitive agreement or complete the acquisition.
About Highland Critical Minerals Corp.
Highland is a mineral exploration and development company. Its activities consist of acquiring and exploring, mining properties to enhance shareholder value as it proceeds with the exploration work on the Church property among other mining properties it may acquire and develop.
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