Vancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - M3 Metals Corp. (TSXV: MT) (FSE: X0VP) ("M3 Metals" or the "Company") is pleased to announce that it has entered into a definitive mineral property option agreement dated effective July 4, 2020 (the "Definitive Agreement").
The Company originally announced on June 10, 2020 that it had entered into a Letter of Intent effective June 9, 2020 whereby ML Nevada Corp. ("M3 Metals Nevada"), a wholly owned Nevada incorporated subsidiary of M3 Metals Corp. ("M3 Metals"), would grant to Huffington Capital Corp. ("Huffington") an option (the "Option") to acquire up to a 90% interest in a mineral property option and purchase agreement (the "Underlying Agreement") concerning the Company's Mohave Gold Project (the "Project") for a total consideration of 6.1 Million dollars payable in cash and or shares to M3 Metals.
The terms and conditions of the Definitive Agreement remain as disclosed in the June 10, 2020 news release (and can be referenced by reviewing that news release) save and except that there have been the following changes:
A CDN$400,000 payment to the Company due to be made by Huffington on the fifteen month anniversary of the Definitive Agreement has been changed to the fifteen month anniversary of the Definitive Agreement; and,
Huffington will not earn its ninety (90%) percent interest in the Project until such time as it has made all required payments and exploration expenditures (it was originally announced the interest earned would be staged) and has made all payments and expenditures required to exercise the Underlying Agreement.
The vendors of the Mohave Gold Project in the Underlying Agreement were provided with notice of the Definitive Agreement and have consented to it.
The Company has been advised that Huffington will itself announce the Definitive Agreement, as well as provide an update on the status of the Qualifying Transaction, on or before Tuesday, July 14, 2020.
ABOUT M3 METALS CORP.
M3 METALS CORP.
Adrian Smith, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent Huffington's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Huffington, 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. Huffington 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/59699