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Cohiba to acquire 5 lithium projects in Western Australia

CohibaMinerals Ltd. said July 26 that it is acquiring Charge Lithium Pty.Ltd., which controls five projects within and around the Mount Cattlin,Pilgangoora and Greenbushes lithium provinces in Western Australia.

Under the terms sheet, Cohiba will make an upfrontrefundable payment of A$78,000, upon completion of due diligence, and willissue 17,500,000 of its shares to Charge vendors.

Cohiba will also issue additional shares to Charge, at 3,500,000shares per project, whenever license applications comprising said projects —Mount Cattlin Central, Big Galaxy, Pyramid Lake, Greenbushes North andPilgangoora Central — are granted.

Cohiba expects due diligence to start within two weeks.