Panamera Holdings Corporation entered into a binding letter of intent to acquire 100% stake in Arsham Aluminum Alloys, LLC from Mid-Continent Metals Group, LLC.

Panamera Holdings Corporation (OTCPK:PHCI) entered into a binding letter of intent to acquire 100% stake in Arsham Aluminum Alloys, LLC from Mid-Continent Metals Group, LLC on March 29, 2022. The LOI provides for an aggregate purchase price for the shares of AHI of $9.22 million with the price payable in 9,224,435 shares of Panamera Holdings common stock to be exchanged. Pursuant to the LOI, if Mid-Continent Metals fails to execute the Share Exchange Agreement by April 15, 2022, the parties may terminate the LOI.

The LOI also has Panamera Holdings executing a Warrant Agreement with Mid-Continent Metals for the right to purchase up to 3,000,000 shares of Panamera Holdings common stock at a price of $1.00 per share for a six-month term. Bill Van Pelt IV, a principal of Arsham Holdings, will be joining the Panamera team to oversee strategic and internal corporate development. The transaction is subject to Definitive agreement, approval of the shareholders and respective boards of directors of Mid-Continent and Panamera Holdings, financial audit of Arsham Aluminum, consummation of due diligence.

The transaction is expected to close in April 2022.