Snow Lake Resources Ltd. entered into a binding letter of intent to acquire Namibia Minerals and Investment Holdings (Proprietary) Limited for $4.2 million.

Snow Lake Resources Ltd. (NasdaqCM:LITM) entered into a binding letter of intent to acquire Namibia Minerals and Investment Holdings (Proprietary) Limited for $4.2 million on February 21, 2024. The consideration consists of $1.25 million in cash and $2.96 million in common equity through the issue of 2 million common shares and $1 million in earn out related payments through the issue of 1 million common shares. The acquisition was made in two stages.

first stage in the acquisition of 65% stake in Namibia Minerals and second stage with the acquisition of additional 17% stake in Namibia Minerals. The First Stage Shares will be issued subject to the satisfactory completion by Snow Lake of due diligence from the date of execution of the LOI until March 30, 2024.