Business
Silicon Metals Corp. Executes Letter of Intent Respecting Mineral Claims in Newfoundland and Labrador
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2026) - SILICON METALS CORP. (CSE: SI) (FSE: X6U) ("Silicon Metals" or the "Company") is pleased to announce that it has executed a letter of intent dated as of April 17, 2026 (the "LOI"), with OIG Overseas Investment Group Ltd. ("OIG") which contemplates Silicon Metals purchasing OIG's exclusive option to acquire a 100% interest in and to 7 mineral licenses totalling 69 mineral claims covering approximately 1,700 hectares in Newfoundland.
About this update from Silicon Metals Corp.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - April 20, 2026) - SILICON METALS CORP. (CSE: SI) (FSE: X6U) ("Silicon Metals" or the "Company") is pleased to announce that it has executed a letter of intent dated as of April 17, 2026 (the "LOI"), with OIG Overseas Investment Group Ltd. ("OIG") which contemplates Silicon Metals purchasing OIG's exclusive option to acquire a 100% interest in and to 7 mineral licenses totalling 69 mineral claims covering approximately 1,700 hectares in Newfoundland and Labrador (the "Property"). The Property is prospective for high purity silica.","length":636,"tagName":"p"},{"type":"text","content":"OIG is the optionee under an option agreement dated effective March 31, 2025 (the "Option Agreement") with Noseworthy Group Inc. (the "Optionor"), pursuant to which OIG has the option to acquire a 100% interest in and to the Property (subject to a 2.5% net smelter returns royalty in favour of the Optionor) by making cash payments, issuing shares and incurring exploration expenditures on the Property.","length":423,"tagName":"p"},{"type":"text","content":"The LOI contemplates Silicon Metals acquiring OIG's entire right, title, interest and obligation under the Option Agreement, in exchange for issuing 10,000,000 Company common shares to OIG or its shareholders. The shares will be issued at $0.135 per share, representing an aggregate value of $1,350,000. When issued, the shares will have such restrictions on transfer as required pursuant to applicable securities laws and the policies of the Canadian Securities Exchange.","length":476,"tagName":"p"},{"type":"text","content":"Under the LOI, Silicon Metals and OIG have agreed to proceed diligently and in good faith to draft, negotiate and attempt to finalize a definitive written agreement (the "Definitive Agreement") within 45 days of the execution of the LOI. Closing of the Transaction remains subject to a number of conditions, including completion of due diligence by both parties, negotiation and execution of the Definitive Agreement, the Optionor's written consent to the assignment of the Option Agreement by OIG to Silicon Metals (including any amendments to the Option Agreement as may be necessary or advisable in connection with such assignment), and approval of t...