Green Light Metals Inc. entered into a non-binding letter of intent to acquire Bend and Reef exploration properties located in Wisconsin from Aquila Resources Inc. (TSX:AQA) on May 20, 2021. Total consideration of CAD 7 million payable to Aquila consist of cash consideration of CAD 3 million of which CAD 1 million will be advanced immediately as a deposit and shares in Green Light Metals Inc. with an estimated value on completion of the go-public transaction of CAD 4 million. As of October 5, 2021,total consideration of CAD 7 million payable to Aquila consists of cash consideration of CAD 2.1 million, of which CAD 1 million was advanced as a deposit upon the execution of the letter of intent with respect to the Transaction in June 2021 and the remaining CAD 1.1 million was paid at closing and non-interest bearing promissory note of Green Light Metals Inc. in the principal amount of CAD 4.9 million.

The gross proceeds of the First Offering and the Second Offering will be used for the acquisition of the assets related to the Bend and Reef Gold Projects from Aquila. In accordance with the LOI, Private Placement – Tranche 1 is pleased to announce that on May 31, 2021, it closed, on a non brokered basis, the first tranche of a private placement of 7,963,497 common shares in the capital of the at a purchase price of CAD 0.15 per Common Share for gross proceeds of CAD 1,194,524.55. In Tranche 2 private placement of 1,011,579 common shares in the capital of at a purchase price of CAD 0.15 per Common Share for gross proceeds of CAD 151,736.85.

Completion is subject to certain conditions including, but not limited to, the completion of definitive documentation, completion of financing by Green Light Metals Inc., listing of Green Light Metals Inc. on the TSX Venture Exchange and receipt of all necessary third-party consents and approvals, including the approval of the TSX Venture Exchange.