US Critical Metals Corp. (formerly Holly Street Capital Ltd.) closes Qualifying Transaction

2 minute read
12 April 2022

On April 12, 2022, US Critical Metals Corp. (formerly Holly Street Capital Ltd.) ("USCM") (TSXV: HSC.P) announced the closing of its previously announced Qualifying Transaction, pursuant to the terms of a business combination agreement dated January 7, 2022 and amended on March 31, 2022.

The Transaction was completed by way of a share exchange under the laws of the Province of British Columbia, whereby USCM acquired all of the issued and outstanding securities of US Critical Holdings Corp. ("USCH") in exchange for securities of USCM. In connection with the Transaction, USCM concurrently completed a non-brokered unit financing for aggregate gross proceeds of $6,000,000.30. 

Subject to final acceptance by the TSX Venture Exchange ("TSXV"), USCM will no longer be a capital pool company and will be classified as a Tier 2 issuer pursuant to Exchange policies. The Common Shares are expected to commence trading on the TSXV on April 19, 2022 under the ticker symbol "USCM".

Gowling WLG advised USCH in connection with the Transaction with a team that included Peter Simeon, Tara Amiri, Josh Rosen and Lee Sykes (corporate), with the assistance of student-at-law Jaanam Mahboobani.

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