Arctic Minerals AB (publ) (OM:ARCT) entered into a non-binding letter of intent to acquire Gold project Katterat in Norway from Branten Utvikling AS for NOK 1.95 million on August 15, 2022. According to the letter of intent, NOK 0.05 million shall be paid in cash and NOK 1.90 million shall be paid in shares in Arctic Minerals (the "Consideration Shares"). Branten Utvikling AS is owned by David Ettner and Ragnar Hagen. The transaction is expected to be completed during the third quarter 2022 as it is subject to approval of transfer of permits by DMF (the authority in charge of mineral rights in Norway). In the event that a binding share purchase agreement is not entered into no later than September 30, 2022, the letter of intent ceases to apply.

Arctic Minerals AB (publ) (OM:ARCT) completed the acquisition of Gold project Katterat in Norway from Branten Utvikling AS on September 29, 2022.