Cohiba Minerals Limited (ASX: CHK | OTCQB: CHKMF) has announced that it has executed a binding agreement to acquire Maple Minerals Ltd.
Maple Minerals holds the rights to acquire four lithium and rare earth element (REE) properties in Ontario, Canada.
The Maple Minerals project portfolio consists of:
• The Big Rock lithium property comprising 9 claims for 3,611ha
• The Rogers Creek lithium property comprising 10 claims for 4,642ha
• The Ottertail lithium property comprising 7 claims for 2,690ha
• The Gathering Lake lithium property comprising 9 claims for 3,897ha
The proposed acquisition is subject to CHK shareholder approval which is required for the issue of consideration shares and consideration performance rights, and the Tranche 2 placement shares.
As a condition of the proposed acquisition, the company has also received firm commitments from professional and sophisticated investors for a capital raising of $1.75M to be conducted in two tranches.
Cohiba’s CEO, Andrew Graham said, “We are delighted to have been able to execute binding agreements for this acquisition and secure these strategic tenements within known lithium and rare earth element terranes. North-west Ontario is recognized as a key lithium province, and with highly attractive geological and structural precursors within proximity to known lithium resources we are confident of yielding exploration success.”
“Canada is forecast to be a significant supplier of critical minerals, including lithium, which is evidenced through the recent deal between Green Technology Metals (GT1), and LG Energy Solutions (LGES) which saw LGES invest A$20M in GT1 to become a substantial shareholder and major offtake partner.”
“Following an extensive due diligence process, we are confident that we have secured an exceptional portfolio of projects and look forward to undertaking some detailed reconnaissance work in the upcoming summer season.”
The company will undertake a comprehensive field investigation during the upcoming summer season using the services of local geological consultants which have expertise in the delivery of these programmes within lithium terranes across Canada.
To find out more, please visit www.cohibaminerals.com.au.