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Cohiba Minerals Limited (CHKMF) Acquisition of Canadian Lithium Projects & Placement
Melbourne, Australia (ABN Newswire) - Cohiba Minerals Limited (ASX:CHK) (OTCMKTS:CHKMF) is please...
About this update from Rock Tech Lithium Inc.
[{"type":"text","content":"Cohiba Minerals Limited (CHKMF) Acquisition of Canadian Lithium Projects & Placement\n \n Melbourne, Australia (ABN Newswire) - Cohiba Minerals Limited (ASX:CHK) (OTCMKTS:CHKMF) is pleased to announce that it has executed a binding agreement (Agreement) to acquire Maple Minerals 2 Pty Ltd (Maple Minerals) (Proposed Acquisition). Maple Minerals holds the rights to acquire four (4) lithium and rare earth element (REE) properties in Ontario, Canada.\n \n \n Highlights:\n \n \n - Acquisition of four (4) strategically located lithium projects with a combined 148km2 within known lithium terranes.\n \n \n - Properties occur in terranes which host major lithium resources including Green Technology Metals' (ASX:GT1) flagship Seymour Lake Lithium Project (9.9Mt @ 1.04% Li20) and Rock Tech Lithium's (CVE:RCK) Georgia Lake Project (10.6Mt Indicated @ 0.88% Li20 and 4.2Mt Inferred @ 1.00% Li20)\n \n \n - Projects also demonstrate strong potential for rare earth element (REE) mineralisation.\n \n \n - Placement to sophisticated investors to raise $1,750,000 (before costs)\n \n \n - Cohiba will be fully funded to conduct a comprehensive field exploration program this northern summer over all four projects\n \n \n - Company to engage consultants to commence a field exploration program over all four projects with commencement following completion of the acquisition\n \n \n The Maple Minerals project portfolio consists of:\n \n \n - The Big Rock Lithium Property comprising 9 claims for 3,611 hectares;\n \n \n - The Rogers Creek Lithium Property comprising 10 claims for 4,642 hectares;\n \n \n - The Ottertail Lithium Property comprising 7 claims for 2,690 hectares; and,\n \n \n - The Gathering Lake Lithium Property comprising 9 claims for 3,897 hectares.\n \n \n The Proposed Acquisition is subject to CHK shareholder approval which is required for the issue of Consideration Shares and Consideration Performance Rights (each defined below) and the Tranche 2 Placement shares (defined below*) (the Tranche 1 Placement shares will be issued without shareholder approval).\n \n \n As a condition of the Proposed Acquisition, the Company has also received firm and irrevocable commitments from professional and sophisticated investors for a capital raising of $1.75 million (before costs) (Placement), to be conducted in two tranches.\n \n \n Cohiba's CEO, Andre...