US Critical Metals (TSXV:USCM) signs $602K purchase agreement

US Critical Metals Corp. (USCM) has signed a $602,800 share purchase agreement with Idaho Silver Corp. to acquire 70 per cent of 1212242 B.C. Ltd.’s sharesThe initial 45 per cent interest will be bought for $50,000, and one million USCM common shares issued to Idaho Silver worth roughly $350,000USCM will subscribe for 8,000 common shares for aggregate proceeds of $200,000 for the remaining 25 per centAfter closing, B.C. Ltd. will indirectly own the Long Canyon Uranium and Vanadium ProjectUS Critical Metals Corp. (USCM) is down 1.45 per cent and is trading at $0.34 per share as of 11:58 a.m. EST

US Critical Metals Corp. (USCM) has signed a $602,800 share purchase agreement with Idaho Silver Corp. to acquire 70 per cent of 1212242 B.C. Ltd.’s shares.

USCM stated it will purchase the initial 45 per cent interest of the issued and outstanding shares of B.C. Ltd. from by paying $50,000 and issue one million of its common shares to Idaho Silver worth roughly $350,000.

For the remaining 25 per cent interest, USCM will subscribe for 8,000 common shares for aggregate proceeds of $200,000.

Additionally, Long Canyon Resources will sign a net smelter return royalty agreement with Idaho Silver, which is subject to a buyback right in favour of B.C. Ltd.

The buyback right allows B.C. Ltd. to repurchase up to 2.00 per cent of the overall 3.50 royalty for $2 million.

After the transaction, B.C. Ltd. will be the sole owner and shareholder of Long Canyon Resources Inc., which will be the holder of the Long Canyon Uranium and Vanadium Project.

The Long Canyon Project is made up of 25 connected unpatented mining claims and two separate unpatented mining claims in Idaho. The project has a surface area of approximately 535 acres.

US Critical Metals Corp. (USCM) is down 1.45 per cent and is trading at $0.34 per share as of 11:58 a.m. EST.

The post US Critical Metals (TSXV:USCM) signs $602K purchase agreement appeared first on The Market Herald.

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