Richmond Minerals Inc. announces the sale of lithium exploration licenses in Austria

Richmond Minerals Inc. has announced it has executed a binding Heads of Agreement between 2743718 Ontario Inc. (Ontario), a subsidiary of Richmond Minerals Inc., and European Lithium Limited pursuant to which European Lithium has agreed to acquire, and Ontario has agreed to sell, 100% of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project (together the Austrian Lithium Projects Acquisition).

The material terms of the Acquisition are as follows:

  • $250,000 in cash (Australian $),
  • 2,000,000 fully paid ordinary shares of EUR at a deemed issue price of $0.07 per share to be issued out of the EUR’s current 15% placement capacity pursuant to Listing Rule 7.1, and
  • 2,000,000 unlisted options ($0.12 each which expire 3 years from the date of issue).

Conditions Precedent: Completion of the Acquisition is conditional upon:

  • Completion of due diligence within 3 months unless mutually agreed otherwise,
  • The parties obtaining all necessary shareholder, regulatory and third party approvals required to complete the Acquisition,
  • European Lithium incorporating a new Austrian entity, and
  • Other conditions considered customary for a transaction of this nature.

Settlement: Subject to satisfaction or waiver of the conditions precedent, settlement is expected to occur on or before 7 July 2023.

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