Wedoany.com Report-Jun 23, Leviathan Gold has signed a non-binding letter of intent with Cura Exploration Botswana to acquire full ownership of a copper and uranium exploration portfolio in Botswana through the purchase of all securities of Privco, which holds the relevant prospecting licenses.

The transaction is expected to be executed through a “three-cornered” amalgamation with a wholly owned subsidiary of Leviathan.

Privco is engaged in share purchase agreements to acquire the AfriMetals Entities, which own the Central Project land package adjacent to MMG’s Khoemacau deposits, acquired by MMG for $1.9 billion in 2023. The AfriMetals Entities also hold uranium prospecting licenses, including the Serule Uranium Project, located near Lotus Resources’ Letlhakane Uranium Project. Recent drilling at Serule revealed a mineralized zone over 4 kilometers wide.

Under the proposed terms, Leviathan Gold will issue 35 million common shares and 5.5 million share purchase warrants in exchange for Privco’s shares and warrants. Additionally, Leviathan will assume milestone payment obligations, potentially issuing up to 16.5 million more shares. The deal, subject to due diligence within 60 days and a definitive agreement, is expected to proceed via a three-cornered amalgamation with a Leviathan subsidiary, pending TSX Venture Exchange approval. Upon completion, Privco’s former shareholders would hold about 35% of Leviathan Gold, or 38.5% if all warrants are exercised.

Leviathan Gold President and CEO Luke Norman stated: “The proposed acquisition by Leviathan of Privco would result in Leviathan adding to its portfolio of mineral assets the highly strategic and yet under-explored Central Project directly adjoining MMG’s world-class Khoemacau ‘Cluster’ of copper deposits on the Kalahari Copper Belt – with which Central appears to share important geophysical, structural and stratigraphic indicators – places Leviathan in pole position to make a major copper discovery in mining-friendly Botswana.”

Privco’s financial obligations include a $2.2 million cash payment to sellers, of which $390,000.01 has been paid, and C$93,000 spent on technical reports compliant with National Instrument 43-101 standards for mineral project disclosure.

This acquisition positions Leviathan Gold to expand its exploration efforts in Botswana, leveraging the region’s rich mineral potential to support sustainable resource development.