M3 Metals Receives Regulatory Approval and Makes Initial Payments Under Daggett Lithium Project Option Agreement
Vancouver, October 19, 2023 - M3 Metals Corp. (TSXV: MT) (FSE: X0V) ("M3 Metals" or the "Company"). The Company wishes to announce that it has received the regulatory approval required for it to make its initial payments under the Daggett Lithium Project (the "Project") mineral property option agreement (the "Agreement") and has made those payments.
Details regarding the Project can be found in the Company's news release dated September 29, 2023.
On May 9, 2023, the Company announced that it had entered into the Agreement to acquire up to an eighty (80%) percent interest in the Project, a mineral property prospective for lithium and located in San Bernardino County, California.
The Agreement, dated effective May 8, 2023, is between the Company and IMEx Consultants Inc. (the "Vendor"). The Agreement provided that the Company could earn a sixty (60%) percent interest in the Project by: (i) issuing 2,000,000 shares (the "Initial Shares") to the Vendor; (ii) paying to the Vendor the sum of USD$150,000 (the "Option Payment") upon regulatory approval of the Agreement; and (iii) making USD$400,000 in exploration expenditures on the Project within twelve (12) months of regulatory approval of the Agreement. The Company can acquire an additional twenty (20%) percent interest, for a total eighty (80%) interest in the Project by issuing an additional 2,000,000 shares to the Vendor and making an additional USD$2,000,000 in exploration expenditures on the Project within thirty-six (36) months of regulatory approval of the Agreement.
The Company has issued the Initial Shares and has also paid the Option Payment. It will have earned a sixty (60%) percent interest in the Project should it make the USD$400,000 in exploration expenditures within twelve (12) months. The Initial Shares are subject to a four month hold period and may not be sold until February 19th, 2024.
Regulatory approval of the Agreement was subject to the written consent of shareholders holding over 50% of the issued and outstanding shares of the Company because the transaction could result in the creation of a new control person, IMEx Consultants Inc.
The transactions contemplated in the Agreement constituted a Fundamental Acquisition (as that term is defined in the policies of the Exchange).
No finder's fees were payable in connection with the Agreement and the Agreement is not a related party or non-arm's length transaction. The Agreement was not subject to the provisions of MI 61-101. There are no royalties, underlying option or other agreements related to the Property other than the Agreement.
ABOUT M3 METALS CORP.
M3 Metals Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in North America. For additional information please visit M3 Metals website at www.m3metalscorp.com. You may also email info@m3metalscorp.com or call investor relations at (604) 669-2279.
M3 Metals Corp.
"Kosta Tsoutsis"
Kosta Tsoutsis, CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals (including environmental, habitat and other similar requirements or approvals), the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States, California or other jurisdictions and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184565