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  • Holly Street Capital Ltd. (HSC.P) updates on its previously announced agreement with US Critical Metals Corp. (USCM)
  • Holders of the 28 million issued and outstanding common USCM shares will receive one post-consolidation share of Holly Street per USCM share
  • Holly will focus on exploration of the Idaho Property, Nevada Property, and the acquisition of additional properties
  • Holly Street Capital Ltd. (HSC.P) is unchanged trading at $0.13 per share as of 1:07 p.m. EST

Holly Street Capital Ltd. (HSC.P) updates on its previously announced securities exchange agreement with US Critical Metals Corp. (USCM)

The definitive agreement is related to a business combination transaction where Holly will acquire all the issued and outstanding securities of USCM.

Holders of the 28 million issued and outstanding common USCM shares will receive one post-consolidation share of Holly per share of USCM.

All existing securities convertible into USCM shares, including 25 million warrants USCM shares for $0.10 per share, will be exchanged for similar securities to purchase on similar terms and conditions.

Holly will complete consolidation for one new common share for each 1.5 old Holly shares. Holly will have approximately five million post-consolidation shares issued and outstanding.

Holly will continue the business of USCM under the same name. It will focus on the exploration of the Idaho Property, the Nevada Property, and the acquisition of additional properties.

Holly will also pay a finder’s fee of 1.46 million post-consolidation shares an arm’s length finder.

After closing, Holly expects to issue at least 14.2 million post-consolidation units and previous USCM shareholders will own 57.4 per cent of Holly. Former holders of Holly shares will hold approximately 10.3 per cent of the shares.

After closing, Holly will be listed as a tier 2 mining issuer on the TSXV, with USCM as its primary operating subsidiary.

Holly Street Capital Ltd. (HSC.P) is unchanged trading at $0.13 per share as of 1:07 p.m. EST.

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