Panther Minerals (CSE:PURR) has completed the acquisition of Usha Resources’ (TSX-V:USHA) Rubidium Ridge Project in Ontario, Canada, after receiving all necessary approvals.
Under the deal, Panther paid C$80,000 ($83,540) cash and issued 4.15 million shares to Usha.
The company will also pay C$1 million upon delineating an inferred resource or higher resource classification totalling at least 10 million tonnes at a minimum grade of 1% lithium oxide.
The Rubidium Ridge Project remains subject to a 2% net smelter return (NSR) royalty in favour of the original optionors. The company retains the right to repurchase half of the NSR for C$1 million and holds a right of refusal to acquire the remaining half.
Panther Minerals is a North American mineral explorer focused on developing precious and base metals properties that are drill-ready with high-upside and expansion potential.
Usha Resources is a mineral explorer focused on developing critical mineral prospective projects. The company’s portfolio of projects are located in Canada and the US.
Write to Aaliyah Rogan at Mining.com.au
Images: Panther Minerals
