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.