power metals corp said friday that australiabased winsome resources ltd will acquire a stake currently owned by hong kongbased sinomine resource group co after the canadian government forced the chinese company to divest its interests in the business winsome resources an australian exploration and development company with four project areas in quebec will pay 2 million canadian dollars or roughly us15 million in cash to acquire sinomines stake the interest to be acquired includes 75 million common shares and 75 million share purchase warrants which can be converted into shares on a onetoone basis at a price of c040 apiece and an expiry date of march 2025 power metals closing price on thursday was c027 winsome resources has also agreed to acquire sinomines offtake rights for the lithium cesium and tantalum that could be produced from the highly prospective case lake project in ontario all three minerals are included on the latest canadian and us critical minerals lists in early november the government of canada ordered sinomine and two other chinese companies to divest their shares from domestic companies involved in extracting critical minerals on nationalsecurity grounds canada and allies like us and australia are concerned about chinas growing dominance over the market and have begun to invest in ore refiners and battery makers to counterbalance their asian rival power metals said it is discussing with its new investor on ways to fasttrack development of the case lake project and publication of a maidenresource report the case lake property which is fully owned by power metals resources is located near cochrane in northeastern ontario close to the border with quebec and consists of 585 cell claims