Recharge Metals Limited (ASX:REC) entered into binding agreement to acquire 100% stake in Wapistan Lithium Project from Rockland Resources Ltd. for CAD 1.6 million on June 14, 2023. Recharge will pay/issue Rockland (i) CAD 500,000 in cash; (ii) CAD 200,000 in cash for payments made by Rockland in acquiring the Project; and (iii) 5 million Recharge shares (50% of which are subject to 6 months voluntary escrow) utilizing available placement capacity. Recharge is required to pay Rockland a deferred payment of CAD 500,000 on or before 6 months from the date of completion of the Acquisition. It may be funded by a small equity placement at that time under Recharge’s existing placement capacity. If Recharge fails to pay the deferred payment, Rockland has a right to buy-back 100% of the mineral claims for CAD 1.00. Recharge will grant a 2.0% net smelter return royalty on the Wapistan Lithium Project to Rockland. Funds used from the placement will be applied toward payment of the upfront consideration and its initial exploration program at Wapistan. This announcement has been authorised for release by the Board of Recharge Metals Limited. Completion of the Acquisition is expected to occur on 23 June 2023.

Recharge Metals Limited (ASX:REC) completed the acquisition of 100% stake in Wapistan Lithium Project from Rockland Resources Ltd. on June 27, 2023.