European Electric Metals Inc. (TSXV:EVX) signed an letter of intent to acquire five exploration licenses located in Europe on February 28, 2023. Under the terms of the LOI, the Company has agreed to negotiate and settle the terms of a definitive agreement whereby the Company will acquire all of the issued and outstanding common shares of the Target. In consideration of the Target, the Company has agreed to issue a total of 5,250,000 common shares to the shareholders of the Target.

The Consideration Shares will be subject to the following voluntary resale restrictions: (i) 25% of the Consideration Shares will be subject to restrictions on resale until four months after the closing date, (ii) an additional 25% of the Consideration Shares will be subject to restrictions on resale until six months after the closing date; (iii) an additional 25% of the Consideration Shares will be subject to restrictions on resale until nine months after the closing date; and (iv) an additional 25% of the Consideration Shares will be subject to restrictions on resale until twelve months after the closing date. The Agreement and the transactions contemplated therein are subject to entry into the Definitive Agreement, completion of due diligence of the exploration licenses by the Company, approval of the TSX Venture Exchange and such other customary conditions set forth in the Definitive Agreement.