Australia-based Mogul Games Group has signed five binding agreements to acquire the majority stakes in lithium and rare earth element (REE) projects in Canada and Australia.
Under the terms of the agreement, Mogul will earn an 80% interest in the Apollo, Adina South, Adina West and Margot Lake projects, collectively referred to as the Canadian Lithium Projects.
This deal also includes the purchase of an 80 percent interest in the Voyager project and a 100 percent interest in the Lefroy project, collectively referred to as the Australian projects.
The acquisitions will close upon receipt of regulatory and shareholder approvals.
Upon closing of the deals, Mogul expects to return to being a diversified explorer and developer focused on lithium and rare earth elements.
Additionally, the Company is seeking shareholder approval to change its name to Lithium Galaxy.
In addition, it plans to raise up to $4.5 million through the issuance of up to 225 million shares at $0.02 each.
The Apollo Lithium Project in Canada is considered a flagship project and is planned to consist of 446 claims over an area of 240 km².
It is located in the parish of Eeyou Istchee Baie-James (James Bay) in northwestern Quebec.
It is planned to prioritize the Apollo project through accelerated exploration and development beginning with the systematic mapping and geochemical sampling of pegmatite outcrops and topographical highs previously identified by the Quebec government.
Exploration at the Adina and Margot Lake projects includes preliminary field mapping and soil geochemical mapping in support of drill program planning.
In addition, exploration at the Lefroy and Voyager projects will include surface mapping, soil geochemical sampling and geophysical surveys to identify and prioritize drill targets.
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