Moonbound Mining Ltd. (CNSX:MML) entered into a non-binding letter of intent to acquire Norrabees Lithium Project for approximately CAD 12 million on December 15, 2023. As on January 3, 2024, Moonbound Mining Ltd. entered into a share exchange agreement to acquire Norrabees Lithium (SA) Limited. The consideration consists of the issuance of an aggregate of 38 million common shares in the capital of the Moonbound Mining Ltd at a deemed price of CAD 0.30 per Consideration Shares. The acquisition also includes an interest in certain hard rock lithium assets located in South Africa. Upon closing of the Transaction, it is expected that Ann Fehr will resign as Chief Executive Officer (?CEO?) of the Company and James Lumley will be appointed. The completion of the Transaction is subject to (i) the Company having had the reasonable opportunity to perform searches and other due diligence, and being satisfied with the results of such due diligence; (ii) receipt of all requisite consents, waivers and approvals for the NumberCo Transaction; (iii) the absence of any material adverse change in the business, affairs or operations of Norrabees; and (iv) the appointment of James Lumley as CEO. The transaction is financed through a loan in the principal amount of CAD 1.5 million.

In connection with the Transaction, 2,000,000 common shares of the Company are anticipated to be issued to an eligible finder (the ?Finder?) as a finder?s fee in consideration for the Finder?s services in facilitating the identification of the Transaction between the Company and NumberCo. It is anticipated that the finder?s fee will be paid on closing. As of January 16, 2024, in connection with the Transaction and the Original Loan, the Company entered into a separate loan agreement with Norrabees, pursuant to which the Company agreed to advance Norrabees a loan (the ?Transaction Loan?) in the principal amount of CAD 1.5 million on the same terms and conditions as the Original Loan.


Moonbound Mining Ltd. (CNSX:MML) completed the acquisition of Norrabees Lithium (SA) Limited on January 29, 2024.