Arctic Fox, MakerSoul terminate LOI

Executive Summary

• Arctic Fox Lithium Corp. has mutually agreed to terminate the non-binding letter of intent (LOI) for a proposed reverse takeover business combination with MakerSoul (Hong Kong) Ltd.
• The termination involves a mutual release of liabilities, with each party retaining responsibility for its own transaction-related costs.
• Arctic Fox is required to repay a $25,000 bridge loan previously advanced by MakerSoul and will continue to evaluate other strategic opportunities.

Key Details

• Transaction Status: Mutual termination of the non-binding LOI for a business combination/reverse takeover between Arctic Fox Lithium Corp. and MakerSoul (Hong Kong) Ltd.
• Financial Settlement:
  • Arctic Fox will repay the $25,000 bridge loan advanced by MakerSoul.
  • Each party retains responsibility for its own costs and expenses incurred in connection with the transaction.
• Legal Framework: Parties have entered into a mutual release relating to the transaction.
• Future Outlook: Arctic Fox will continue to evaluate other strategic opportunities and provide updates as appropriate.

Notable Quotes

• "Arctic Fox will continue to evaluate other strategic opportunities and will provide updates as appropriate."