Cohiba Minerals Limited (ASX:CHK) executed a binding agreement to acquire Maple Minerals 2 Pty Ltd for CAD 0.48 million on May 25, 2023. consideration consists of issue of fully paid ordinary shares in the capital of the Cohiba Minerals (Shares) to the vendors of 50,000,000 Shares, Unlisted performance rights (Tranche 1 Performance Rights) in the Purchaser of 62,500,000 Tranche 1 Performance Rights in aggregate. Tranche 1 Performance Rights convert to fully paid ordinary shares in the Cohiba Minerals upon and subject to the Company discovering and reporting in accordance with the JORC code not less than five rock chip samples taken from the mining claims forming the projects at not less than 1% Li20 each.

If the milestone for the conversion of Tranche 1 Performance Rights is not achieved by 48 months then Tranche 1 Performance Rights shall automatically lapse and Unlisted performance rights (Tranche 2 Performance Rights) in the Company of 62,500,000 Tranche 2 Performance Rights in aggregate. Tranche 2 Performance Rights convert to fully paid ordinary shares in the Company upon and subject to the Company reporting in accordance with the JORC code a drill intercept or channel sample of not less than 10 metres at not less than 1% Li20. If the milestone for the conversion of Tranche 2 Performance Rights is not achieved by 48 months then Tranche 2 Performance Rights shall automatically lapse and Cash consideration of CAD 0.259 million and The grant of a 1.5% net smelter royalty (NSR) in respect of production of any minerals from the area within the boundaries of the claims comprising the projects.

The Proposed Acquisition is subject to CHK shareholder approval which is required for the issue of Consideration Shares and Consideration Performance Rights. The transaction is expected to close on July 11, 2023.