Highland Critical Minerals Corp (CSE:HLND) announced that it has entered into a binding letter of intent (LOI) to acquire a 100% interest in certain mining claims located in Canada's Nunavut territory.
The mineral exploration and development company said the mining claims consist of about 3,138.874 hectares of mineral exploration property located in the Yathkyed Lake Greenstone Belt in Nunavut’s Kivalliq Region.
Highland Critical Minerals will issue 50,000 of its Class A common shares in consideration for the mining claims.
The issued shares will be subject to a minimum lockup period of one year following completion of the acquisition.
Under the terms of the LOI, the company will have an exclusive negotiating period of 120 days to enter into a definitive purchase agreement with the vendor of the mining claims.