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USCM Signs Definitive Agreement to Acquire 70% Interest in the Polymetallic Long Canyon Uranium and Vanadium Project in Idaho
Vancouver, British Columbia--(Newsfile Corp. - November 17, 2022) - US Critical Metals Corp. (...
About this update from Us Critical Metals Corp.
[{"type":"text","content":"USCM Signs Definitive Agreement to Acquire 70% Interest in the Polymetallic Long Canyon Uranium and Vanadium Project in IdahoVancouver, British Columbia--(Newsfile Corp. - November 17, 2022) - US Critical Metals Corp. (TSXV: USCM) (OTCQB: USCMF) (FSE: 0IU0) (\"USCM\") and Idaho Silver Corp. (\"Idaho Silver\"), a private company existing under the laws of British Columbia (collectively, the \"Parties\") are pleased to announce the Parties have entered into a share purchase agreement dated November 16, 2022 (the \"Agreement\") whereby USCM will acquire 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, with the remaining 30% being held by Idaho Silver (the \"Transaction\"). Upon closing of the Transaction, B.C. Ltd. will be the sole owner and shareholder of Long Canyon Resources Inc. (\"Long Canyon Resources\"), an Idaho corporation, which will be the holder of the Long Canyon Uranium and Vanadium Project (\"Long Canyon\" or the \"Project\"). Long Canyon is comprised of 25 contiguous unpatented mining claims and two non-contiguous unpatented mining claims in the state of Idaho and covers a surface area of approximately 535 acres. The 25 contiguous unpatented mining claims are situated on land administrated by the Bureau of Land Management. The two non-contiguous unpatented mining claims are situated on land administered by the United States Forest Service. Transaction highlights include the following:Expands the portfolio of USCM's assets to include energy metals and provides further optionality and diversification to shareholders. USCM will evaluate strategic alternatives for Long Canyon upon qualifying the Project. Positions USCM with another high potential asset in the state of Idaho, a leading mining jurisdiction within the US.Further expands the network of technical relationships available to USCM. Principals of Idaho Silver have extensive operating experience and exploration success within the state of Idaho which USCM is able to leverage to bolster the potential success of the Project moving forward.Limited upfront cash cost reduces the acquisition risk and potential dilution for USCM shareholders.The Transaction is at arms-length and expected to be an expedited transaction pursuant to TSX Venture Exchange (\"TSXV\") Policy 5.3...