Buscando Expands Portfolio with Hydrogen Projects Acquisition and Private Placement
Key Ideas
- Buscando Resources Corp. acquires Element One Hydrogen Ltd., gaining access to the Star and Union Bay projects in Canada and the USA, which have potential for hydrogen production.
- The acquisition allows Buscando to increase its critical minerals asset base and supports a clean energy initiative in line with the global energy transition.
- The Company plans a $0.20 unit private placement, with the proceeds intended for the acquisition, work program on the Foggy Mountain Property, future property acquisitions, and general administrative expenses.
- The Offering is set to close by May 23, 2025, pending approval, and includes finder's fees and warrants for investors, aiming to raise up to $1,000,000 in gross proceeds.
Buscando Resources Corp. has announced the acquisition of Element One Hydrogen Ltd., a subsidiary of Granite Creek Copper Ltd., allowing Buscando to gain 100% ownership of the Star copper-nickel-PGM project in British Columbia, Canada, and the Union Bay nickel-copper-PGM project in Alaska, USA. These projects present the opportunity to utilize novel hydrogen stimulation technologies for natural hydrogen production. The strategic acquisition aims to enhance Buscando's critical minerals asset base and expand its focus to include a clean energy initiative supporting the global energy transition.
The Star Project, situated near the Omineca resource road and hydro-electric power in British Columbia, covers a significant portion of the Polaris Ultramafic complex and is being explored for critical minerals and hydrogen production potential. Buscando President Kyler Hardy highlighted the logistical synergies between the Star Project and Foggy Mountain project, with plans for fieldwork to commence.
The Union Bay Project, under an option agreement, grants an entity the right to earn a 100% interest through payments and expenditures. Buscando will assume the vendor side of the agreement, with pending payments based on the agreement terms.
In addition to the acquisition, Buscando plans a non-brokered private placement of units at $0.20 each, aiming to raise up to $1,000,000 in gross proceeds. The Company intends to utilize the funds for the acquisition, work program on the Foggy Mountain Property, potential property acquisitions, and general administrative expenses. The Offering includes finder's fees and warrants for investors and is expected to close by May 23, 2025, subject to necessary approvals.