GlobeNewswire
Stallion Uranium Signs Binding LOI for up to $2.2M for Horse Heaven Gold and Antimony Project
Stallion Uranium Corp.
6 min read

In This Article:

Stallion Uranium Corp.
Stallion Uranium Corp.

VANCOUVER, British Columbia, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Stallion Uranium Corp. (the "Company" or "Stallion") (TSX-V: STUD; OTCQB: STLNF; FSE: FE0) is pleased to announce that the Company has entered into a binding letter of intent (the “LOI”) with an arm’s-length party (the “Optionor”), under which the Company has granted the Optionor the option to acquire an 80% interest in its Horse Heaven Gold and Antimony project consisting of 699 mineral claims covering over 5,817 ha located in Idaho, United States (the “Property”).

"The signing of this option agreement creates the opportunity for Stallion to maximize the value of its Horse Heaven project. Antimony, a critical mineral, has become even more vital as China restricts exports, highlighting the pressing need for the US to secure a domestic supply. Horse Heaven's high-grade antimony target with historical production presents an invaluable asset for advancing domestic supply," said Drew Zimmerman, CEO. "The LOI will drive the advancement of the Horse Heaven project, creating substantial value for all stakeholders involved."

Pursuant to the LOI, the Optionor may acquire eighty percent (80%) of the issued and outstanding common shares (the “Horse Heaven Parent Shares”) of 1262446 B.C Ltd. (“Horse Heaven Parent”), a wholly owned subsidiary of the Company, which holds an undivided 100% legal, beneficial and registerable interest in the Property, in consideration of the following to the Company:

  1. $200,000 in cash on the date that the LOI is executed;

  2. $200,000 in cash on the date in which a definitive agreement (the “Definitive Agreement”) is entered into;

  3. $300,000 in common shares of Privco (“Privco Shares”) at a deemed price per Privco Share equal to $0.18 per Privco Share on the effective date of the Definitive Agreement;

  4. $50,000 in cash and $200,000 in Privco Shares at a deemed price per Privco Share equal to the price of the underlying securities sold in Privco’s most recently completed equity financing at the date of issuance (the “Financing Price”) on the first anniversary of the effective date of the Definitive Agreement;

  5. $50,000 in cash and $200,000 in Optionor Shares at the Financing Price on the second anniversary of the effective date of the Definitive Agreement;

  6. $50,000 in cash and $200,000 in Optionor Shares at the Financing Price on the third anniversary of the effective date of the Definitive Agreement; and

  7. $50,000 in cash and $200,000 in Optionor Shares at the Financing Price on the fourth anniversary of the effective date of the Definitive Agreement.

Terms and Privacy Policy
Your Privacy Choices
Utah Privacy Notice

Recommended Stories