Mr. Stan Bharti reports
SULLIDEN MINING CAPITAL INC. ANNOUNCES AGREEMENT TO ACQUIRE MINING CONCESSIONS
Sulliden Mining Capital Inc. has entered into a share exchange agreement dated Oct. 1, 2021, to acquire all of the issued and outstanding common shares of Salt Cay Horizons Ltd. from the shareholders of Salt Cay.
Salt Cay, through its wholly owned subsidiary, holds 22,600 hectares of concessions in an emerging clean and energy metals district in mining-friendly jurisdictions of Peru. The area is host to multiple uranium deposits that are large scale, very near to surface and potentially heap leachable -- giving them what the company believes to be a strong economic case. The region also has several near-surface lithium deposits associated with uranium mineralization in the Yapamayo member formation as well as higher-grade lithium in the underlying Sapanuta member formation.
The concessions are accessed by a series of paved roads from the city of Puno to the town of Macusani, which connects to the Interoceanic Highway, a two-lane, paved highway that passes 14 kilometres northeast of the property.
As consideration for the acquisition of a 100-per-cent equity interest in Salt Cay, Sulliden shall issue 13 million common shares of the company to the shareholders of Salt Cay at a deemed price per share of 10 cents for an aggregate amount of $1.3-million. The completion of the transaction to acquire 100 per cent of Salt Cay is subject to customary closing conditions, including Toronto Stock Exchange approval. No finders' fees are payable in connection with and no change of control of Sulliden will result from the transaction. The transaction is expected to close in late October, 2021.
About Sulliden Mining Capital Inc.
Sulliden is a mining company focused on acquiring and advancing brownfield, development-stage and early-production-stage mining projects in the Americas.
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