Mitsui & Co., Ltd. (TSE:8031) entered into non-binding memorandum of understanding to acquire 12.5% stake in Shakespeare Mine from Magna Mining Inc. (TSXV:NICU) for CAD 10 million on January 31, 2022. The cash consideration ranging between CAD 8 million to CAD 10 million on such terms as to be further negotiated between the parties. Mitsui and Magna Mining will enter into a joint venture agreement to jointly pursue the development of the Shakespeare Mine, with Magna being the operator of the project. The transaction is subject to completion of due diligence by Mitsui, the parties negotiating and executing definitive agreements on terms mutually agreed upon by the parties, and receipt of all regulatory approvals and third-party consents, including the approval of the TSX Venture Exchange. Desjardins Capital Markets acted as the financial advisor and Bennet Jones LLP acted as the legal advisor for Magna Mining Inc.

Mitsui & Co., Ltd. (TSE:8031) completed the acquisition of 12.5% stake in Shakespeare Mine from Magna Mining Inc. (TSXV:NICU) on August 1, 2023.