Todd River Resources has expanded its lithium exploration footprint in Canada by closing the acquisition of a 100% interest in mineral claims.
Located in the Northwest Territories and covering a total area of 500km² and 50,000 hectares, these mineral claims cover the Ross Lake, MAC and Halo-Yuri lithium projects.
Todd River has acquired the Ross Lake and MAC lithium projects from DG Resource Management and Hale Court. The Halo-Yuri project is being sold by 877384 Alberta, 507976 N.W.T. and Zimtu Capital.
As per the deal, announced in September 2023, Todd River issued 340 million of its shares at A$0.010 ($0.0064) apiece and 500 million performance rights.
Todd River Resources managing director Will Dix said: “The acquisition is transformational for the company and allows us to chase some incredible critical mineral opportunities in the Northwest Territories.
“It also allows the company to selectively target several new, low-cost exploration opportunities in Australia, such as at Tapanappa, where we believe we can rapidly evaluate targets and immediately add value at very low cost.”
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The deal consideration also includes cash payments of C$1.35m ($1m), and a 2% royalty payable on a gross revenue and/or net smelter return basis derived from future production at the mines.
Further, Todd River Resources completed a placement to raise a total of A$4.80m (before costs).
Under the placement, the company issued 480 million shares to sophisticated and professional investors at $0.010 apiece.
Todd River plans to use these proceeds for exploration and development of its new and existing mining projects, and for general working capital purposes.