Resolution Minerals Ltd (RML) (ASX: RML), a company focused on discovering and developing mineral deposits, has announced it received an unsolicited, indicative, and non-binding offer from Snow Lake Resources (LITM.NAS) to purchase its Horse Heaven Project in Idaho, USA, for A$225 million. The Horse Heaven Antimony-Tungsten-Gold-Silver Project, recently acquired by RML, has a history of supplying the U.S. Government with antimony and tungsten during wartime efforts and is adjacent to Perpetua Resources’ Stibnite Antimony & Gold Mine.
The offer from Snow Lake, which is NASDAQ-listed, proposes a combination of cash and LITM shares, with the specific ratio to be determined later by mutual agreement. Snow Lake has also requested a period of exclusivity to conduct due diligence and finalize negotiations with Resolution Minerals regarding the terms of the offer. The company is disclosing this information despite the Board not concluding its assessment of the offer.
Resolution Minerals’ board has cautioned that there is no guarantee the offer from Snow Lake will result in a binding agreement or that any transaction will occur. RML shareholders are advised not to take any action at this stage. The company stated it will keep the market informed of any material developments related to the offer, in accordance with its continuous disclosure obligations. The Board is currently consulting with its advisors regarding the offer.
In separate news, Resolution Minerals has appointed Roth Capital Partners, LLC as its exclusive North American Capital Markets Adviser for US listing alternatives, including a potential NASDAQ listing or via Special Purpose Acquisition Company. Roth will receive a monthly retainer and success fee, and RML will issue Roth 10,000,000 unquoted options with an exercise price of $0.0912 and a three-year expiry. These options will be issued under the company’s 15% placement capacity under listing rule 7.1.
