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Canadian Palladium Announces Agreement to Acquire Mineral Properties in East Brazilian 'Lithium Belt '
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2023) - Canadian Palladium Resources ...
About this update from Quest Critical Metals Inc
[{"type":"text","content":"Canadian Palladium Announces Agreement to Acquire Mineral Properties in East Brazilian 'Lithium Belt 'Vancouver, British Columbia--(Newsfile Corp. - November 9, 2023) - Canadian Palladium Resources Inc. (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) (the \"Company\") is pleased to announce that it has entered into a share purchase agreement to acquire (\"Transaction\") all of the issued and outstanding shares of 1439266 BC Ltd. ‎‎(\"143 BC\"), the ‎legal and beneficial owner of a 100% interest in 15 mineral tenements totalling ‎‎24,427.28 hectares (\"Property\") located in 'Lithium Valley' in Minas Gerais State, Brazil. The Property is located in the East Brazilian 'Lithium Belt', sometimes called, Lithium Valley, which is home to three ‎‎operating ‎lithium mines including Sigma Lithium's (TSXV: SGML) Groto do Cirilo mine and numerous advanced exploration projects such as Atlas ‎‎Lithium's (NASDAQ: ATLX) ‎Neves project.‎ James Newall, the Chief Executive Officer of Canadian Palladium stated, \"The acquisition of ‎over 24,000 hectares of prospective licences in the East Brazilian 'Lithium Belt' is ‎an exciting prospect for the Company. It fits well with our strategy of developing exploration ‎projects with a range of metals and minerals that are crucial for the current move towards ‎electrification. In addition it provides us with the ability to explore year round ensuring a steady ‎flow of news and updates for our shareholders.\"Pursuant to the Transaction, the shareholders of 143 BC would receive an aggregate of 12,000,000 common ‎shares of the Company and cash payments totalling $300,000, $100,000 of which is to be paid on completion of the Transaction and a further ‎‎$200,000 of which is to be paid within three (3) months from the closing date thereof.‎ The completion of the Transaction is subject to a number of customary terms and conditions.Concurrently with the Transaction, the Company intends to complete the first tranche of a non-brokered private placement of up to 2,857,143 units (each, a \"Unit\") of the Company (\"Concurrent Financing\") at a price of $0.35 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one common share of the Company and one-half of one...