Usha will pay $100,000 and issue 600,000 of its common shares to acquire a 100% stake in the Nym Property.
Usha Resources has signed an option agreement for the right to purchase an undivided 100% interest in eight unpatented mining claims, known as the Nym Property, in Ontario, Canada.
Subject to the approval of the TSX Venture, the agreement has been signed with 2758145 Ontario, Peter Gehrels, and Allan George Onchulenko (‘vendors’).
Under the option agreement, Usha Resources is required to pay a total of $100,000 and issue an aggregate of 600,000 common shares in trenches to acquire a 100% interest in the Nym Property.
Furthermore, Usha has granted a 2% net-smelter returns royalty on the property to each vendor and Assignor.
Usha said the acquisition forms part of its planned expansion into the hard-rock pegmatite space and strengthens its accretive portfolio of highly complementary hard-rock assets to its 100% Jackpot Lake Lithium Brine Project.
Located in the Thunder Bay Mining Division near Atikokan, Ontario, the Nym Property is contiguous with Usha’s recently acquired White Willow Lithium-Tantalum Property.
Usha Resources CEO Deepak Varshney said: “We are very pleased to add the Nym Project to our growing portfolio of hard-rock lithium assets.
“This property, collectively with White Willow, presents a unique and timely opportunity to capitalise on the rapidly growing lithium market in Canada.
“We believe this project has the potential to join an emerging group of tier-one projects in Ontario such as the Seymour Lake Lithium Project, the Georgia Lake pegmatite field, and the Separation Rapids lithium deposit, and we look forward to beginning exploration work shortly with the goal of drilling White Willow and Nym in 2023.”
Learn more: Mining Technology