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USCM Announces Closing of Acquisition of 70% Interest in the Polymetallic Long Canyon Uranium and Vanadium Project in Idaho
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2022) - US Critical Metals Corp. (TSX...
About this update from Us Critical Metals Corp.
[{"type":"text","content":"USCM Announces Closing of Acquisition of 70% Interest in the Polymetallic Long Canyon Uranium and Vanadium Project in IdahoVancouver, British Columbia--(Newsfile Corp. - December 15, 2022) - US Critical Metals Corp. (TSXV: USCM) (OTCQB: USCMF) (FSE: 0IU0) (\"USCM\") announces that further to the Company's press release dated November 17, 2022, the Company has closed the acquisition of a 70% interest in the Long Canyon Uranium and Vanadium project (the \"Property\") in Idaho (the \"Transaction\").The Company acquired the 70% interest in the Property by acquiring 70% of the issued and outstanding common shares of 1212242 B.C. Ltd. (\"B.C. Ltd.\"), a private company existing under the laws of British Columbia, which is the sole owner and shareholder of Long Canyon Resources Inc. (\"Long Canyon Resources\"), an Idaho corporation, which is the holder of the Property. The remaining 30% of the issued and outstanding common shares of B.C. Ltd. remain with Idaho Silver Corp. (\"Idaho Silver\"), a private company existing under the laws of British Columbia.Idaho Silver is a British Columbia based property generator focused on identifying, staking, and sampling mineral exploration properties in the resource rich state of Idaho, United States (\"US\"). Projects within the company's portfolio are diversified across various commodities and geological settings located around past producing mines from the late 19th and early 20th centuries. Idaho Silver seeks to establish collaborative exploration arrangements, with the ultimate goal of assembling a large, diversified portfolio of exploration and development projects with royalty interests.In consideration for 45% of the issued and outstanding shares of B.C. Ltd., USCM paid $50,000 in cash to Idaho Silver and issued 1,000,000 common shares (\"Consideration Shares\") to Idaho Silver at a deemed price of $0.31 per Consideration Share. In consideration for 25% of the issued and outstanding shares of B.C. Ltd., USCM subscribed for 25 common shares of B.C. Ltd. for a total subscription amount of $200,000. In addition, Long Canyon Resources, entered into a net smelter return royalty agreement with Idaho Silver granting a perpetual 3.5% net smelter returns royalty to Idaho Silver relating to all production from the Property.The Consideration Shares are subject to a statutory four month hold period und...