American Salars completes Hardrock property acquisition

Executive Summary

• American Salars Lithium Inc. completed the acquisition of 100 % of 1447377 BC Ltd., securing full ownership of the Hardrock LCT pegmatite property in Ceará, Brazil.
• The transaction was funded by issuing 3.5 million units at a deemed price of $0.07 per unit; each unit includes one common share and a warrant to purchase an additional share for $0.20 within three years.
• The deal is a related‑party transaction exempt from MI 61‑101 valuation and minority‑shareholder approval requirements, with securities subject to a four‑month statutory hold period.

Key Details

• Target: 1447377 BC Ltd., holder of a 100 % interest in the Hardrock LCT pegmatite property (10 mineral claims covering 18,083 ha) located in the Jaguaribe/Solonopole region, Ceará, Brazil.
• Consideration: issuance of 3.5 million units at a deemed price of $0.07 per unit (total deemed value ≈ $245,000).
• Unit Structure: each unit = 1 common share + 1 transferable warrant to purchase an additional share at $0.20 for three years from issuance.
• Statutory Hold Period: all securities issued are subject to a hold period of four months and one day per applicable securities legislation.
• Regulatory Exemptions: transaction exempt from MI 61‑101 valuation requirement (Section 5.5(b)) and minority‑shareholder approval (Section 5.7(a)) because the company’s shares are not listed on a specified market and consideration does not exceed 25 % of market capitalization.
• Due Diligence: independent board members engaged Mitchell Lavery to review geological data before approving the acquisition.
• Related‑Party Status: CEO Nick Horsley is a director and indirect shareholder of 1447377 BC Ltd., making this a related‑party transaction under MI 61‑101.

Notable Quotes

(No direct quotes were provided in the release.)