Krait Critical Minerals (CSE: KRIT) has closed its acquisition of Nevada Hills Antimony LLC, adding two antimony projects in Washington state just over a week after signing the definitive agreement.
Krait paid US$100,000 in cash, including a US$25,000 exclusivity fee it paid earlier, and issued 2.5 million common shares at $0.87 apiece. The shares are subject to a four-month hold period.
Nevada Hills holds the contractual rights to acquire the eight-claim Bales Antimony Project in Okanogan County. It also owns nine claims next to Bales and the four-claim Antimony Bell Project to the south. Under the underlying purchase agreement, the property owner is to receive a total of US$225,000 and a 2.0% net smelter return royalty.
Bales sits roughly two miles northeast of Carlton in the Methow Valley. Historical records describe stibnite and stibiconite mineralization in altered, silicified shear zones hosted by hornblende-quartz diorite. Past work there included surface trenching and underground development.
A discovery sample of vein material reportedly assayed 10.9% antimony, and 37.82 tons of sorted material returned 14.4% antimony. About five tons of lump stibnite was reportedly taken from the discovery trench, and roughly 100 tons of mineralized material was mined in 1951 and 1952.
Records for Antimony Bell show a 32-foot shaft, several adits and a 1,300-pound shipment of stibnite-bearing material in 1940.
“Completion of the Nevada Hills acquisition represents an important milestone for Krait as we continue evaluating antimony opportunities in North America,” said CEO Oscar Mendoza.
Krait also raised the size of its concurrent private placement to $2.0 million from $1.5 million. The offering is now 2,666,667 common shares at $0.75 each, with no warrants attached. That price is 12 cents below the per-share value used for the acquisition shares.
Krait Critical Minerals last traded at $0.93 on the CSE.
