Krait Critical Minerals Corp. has entered into a definitive securities exchange agreement to acquire all outstanding membership interests in Nevada Hills Antimony LLC, securing contractual rights to the Bales Antimony Project, nine contiguous mineral claims, and four mineral claims comprising the Antimony Bell Project in Okanogan County, Washington.

Under the transaction terms, Krait will issue 2,500,000 common shares at a deemed price of $0.87 per share and make a cash payment of US$100,000 to the members of Nevada Hills. A previously paid non-refundable exclusivity fee of US$25,000 will be credited against that cash total, leaving US$75,000 payable at closing. Direct ownership of the eight underlying claims comprising the Bales property remains subject to fulfilling the purchase price and royalty under an existing mineral property purchase agreement.

Concurrently, the company has arranged a non-brokered private placement to raise up to $1,500,000 through the issuance of up to 2,000,000 common shares priced at $0.75 each, with no warrants attached. Krait intends to allocate net proceeds from the offering toward phase-one exploration at its Goldbar Spider Lake gold and base-metal project in Ontario, as well as initial reconnaissance and sampling across the Washington properties subject to closing.

The Bales Antimony Project features historical records documenting stibnite and stibiconite mineralization within altered and silicified shear zones. Historical reports from the district include a discovery-post sample assaying 10.9% antimony and 37.82 tons of sorted material assaying 14.4% antimony, though Krait has not independently verified these historical results.

“Execution of the Definitive Agreement is an important step in Krait's strategy to add U.S. based antimony opportunities to its minerals portfolio. The Bales Project is supported by historical reports of stibnite mineralization and historical exploration and underground development work. We believe this combination of project acquisition and additional capital positions Krait to continue advancing Goldbar Spider Lake while rapidly evaluating the potential of the new antimony projects using systematic, modern exploration methods”

— Oscar Mendoza, Chief Executive Officer and Director

Completion of the acquisition remains subject to customary closing conditions, including Canadian Securities Exchange approval, regulatory consents, and verification of claim good standing.

Read the full announcement: Krait Critical Minerals Enters Definitive Agreement to Acquire Portfolio of U.S. Antimony Projects and Announces Concurrent Financing