Australia's CHK to buy Maple Minerals, plans $1.75 mln fundraise

Cohiba Minerals Ltd (CHK), an Australian mineral exploration company, has agreed to acquire peer Maple Minerals 2 Pty Ltd, which holds the rights to acquire four lithium and rare earth element properties in Canada.

The acquisition will be subject to CHK shareholder approval, which will be required for the issue of 1.5 billion fully paid ordinary shares and 750 million performance rights to the vendors of Maple Minerals.

As part of the deal, Cohiba has also received firm and irrevocable commitments from professional and sophisticated investors for a capital raising of $1.75 million, to be conducted in two tranches of $1 million and $750,000.

Furthermore, the acquisition of Maple Minerals is part of Cohiba's strategy to diversify its asset base and leverage its expertise in the exploration and development of critical minerals.