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Hilo Mining Announces Non-Binding Letter of Intent to Earn up to 80% in a Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Hilo Mining Ltd. (TSXV: HILO) (" ...
About this update from Grit Metals Corp.
[{"type":"text","content":"Hilo Mining Announces Non-Binding Letter of Intent to Earn up to 80% in a Lithium ProjectVancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Hilo Mining Ltd. (TSXV: HILO) (\"Hilo\" or the \"Company\") is pleased to announce that is has entered into a non-binding letter of intent (the \"Letter of Intent\") with Capella Minerals Limited (\"Capella\"). The Letter of Intent provides that Capella and Hilo will have 30 days to negotiate a definitive earn-in agreement (the \"Earn-In Agreement\") pursuant to which Hilo may earn up to an 80% interest in Capella's 100% owned lithium-cesium-tantalum pegmatite and rare-earth element reservations located in central southern Finland (the \"Property\"). Upon making cash payments of $200,000, issuing 500,000 common shares and incurring $700,000 in expenditures on the Property, Hilo will earn a 51% interest in the Property. Hilo may make additional cash payments of $300,000, issue an additional 1,500,000 common shares and incur an additional $1,300,000 in expenditures in order to earn an additional 29% interest in the Property (for a total of 80%). There is no certainty that the parties will be successful in negotiating the Earn-In Agreement on the terms set out in the Letter of Intent or at all.\"I'm pleased to announce the execution of this Letter of Intent and look forward to negotiating the Earn-In Agreement with Capella,\" said Jeremy Poirier, the Chief Executive Officer of the Company. He continued, \"I'm excited about the prospect of an acquisition of a Property that would potentially allow Hilo to participate in the global electrification and decarbonization process.\"In addition, the Company announces that it has issued an aggregate of 800,000 restricted share units (\"RSUs\") to its directors, officers and consultants. 550,000 of the RSUs have been issued to its directors with 50% of the RSUs vesting in three months and the remaining RSUs vesting in nine months. 250,000 of the RSUs have been granted to the Company's management and consultants and vest in equal instalments over 12 months. About Hilo Mining Ltd.Hilo Mining Ltd. is a junior mining company currently focussed on the Champ precious metal property near Castlegar, British Columbia. In addition, the Company is currently reviewing additional opportunities to increase shareholder value.FOR FURTHER INFORMATION PLEASE C...