Proceeds from the placement will be used by Todd for exploration and development of its new and existing mining projects. Credit: 652234 from Pixabay.

Todd River Resources has expanded its lithium exploration footprint in Canada by closing the acquisition of a 100% interest in mineral claims.

Located in the Northwest Territories and covering a total area of 500km² and 50,000 hectares, these mineral claims cover the Ross Lake, MAC and Halo-Yuri lithium projects.

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Todd River has acquired the Ross Lake and MAC lithium projects from DG Resource Management and Hale Court. The Halo-Yuri project is being sold by 877384 Alberta, 507976 N.W.T. and Zimtu Capital.

As per the deal, announced in September 2023, Todd River issued 340 million of its shares at A$0.010 ($0.0064) apiece and 500 million performance rights.

Todd River Resources managing director Will Dix said: “The acquisition is transformational for the company and allows us to chase some incredible critical mineral opportunities in the Northwest Territories.

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“It also allows the company to selectively target several new, low-cost exploration opportunities in Australia, such as at Tapanappa, where we believe we can rapidly evaluate targets and immediately add value at very low cost.”

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The deal consideration also includes cash payments of C$1.35m ($1m), and a 2% royalty payable on a gross revenue and/or net smelter return basis derived from future production at the mines.

Further, Todd River Resources completed a placement to raise a total of A$4.80m (before costs).

Under the placement, the company issued 480 million shares to sophisticated and professional investors at $0.010 apiece.

Todd River plans to use these proceeds for exploration and development of its new and existing mining projects, and for general working capital purposes.