Vancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - M3 Metals Corp. (TSXV: MT) (FSE: X0V) ("M3 Metals" or the "Company") is pleased to announce that the Company has entered into a mineral property option and joint venture agreement (the "Agreement") with Surge Battery Metals Inc. ("Surge"), a TSX Venture Exchange listed company.
The Agreement grants Surge the option (the "Option") to earn up to an eighty (80%) percent interest in and to the M3M Lands (as shown in the map below and identified as the M3 Metals Claim Block) by Surge making the following payments to the Company:
- to earn a fifty (50%) percent interest upon Closing in the M3M Lands, Surge must make a cash payment to the Company of $500,000 and must issue to the Company a total of 2,000,000 of Surge's common shares;
- to earn an additional twenty (20%) percent interest in the M3M Lands, Surge must make a cash payment to the Company of $250,000, issue to the Company a total of 2,000,000 of Surge's common shares and make $250,000 in exploration expenditures; and
- to earn an additional ten (10%) percent interest in the M3M Lands, Surge must make a cash payment to M3M of $500,000 and issue to the Company a total of 1,000,000 of Surge's common shares.
Upon earning a fifty (50%) percent interest in the M3M Lands, the Company may either continue to earn the additional twenty (20%) percent interest and ten (10%) percent interest in the M3M Lands or may require M3M to enter into a joint venture agreement with Surge for further exploration and development of the M3M Lands. Upon payment of the Full Option Exercise Price, M3M and Surge must enter into a joint venture agreement with industry customary terms including that the party with the greater interest in the M3M Lands will act as the Operator of the M3M Lands unless otherwise agreed between them.
Closing of the M3M Agreement is expected to occur within ten (10) days of TSX Venture Exchange approval of the M3M Agreement. The M3M Agreement and the Option have a term of five (5) years and require, upon their termination, that the parties enter into a joint venture provided that Surge has earned at least a fifty (50%) percent interest in the M3M Lands.
No finder's fees are payable in connection with the M3M Agreement and M3M and Surge are not related parties for the purposes of MI 61-101 or otherwise subject to it.
The M3M Agreement, and the performance of the Company's obligations thereunder, are conditional upon the approval of the TSX Venture Exchange.
The properties comprising the M3M Lands were staked by the Company in April of 2023 prior to the Company entering into the Lakshmi Property Agreement (as described below). The M3M Lands that were staked by the Company are comprised of 253 claims in Elko County Nevada and are located approximately 40km southeast of Jackpot, Nevada and 73km north-northeast of Wells, Nevada.
M3M Lands (Identified in Map as "M3 Metals Claim Block")
To view an enhanced version of this graphic, please visit:
LAKSHMI PROPERTY UPDATE
On May 9, 2023 the Company announced that it had entered into a mineral property option agreement (the "Lakshmi Property Agreement") to acquire an interest in the Lakshmi Property, a mineral property prospective for lithium. The Lakshmi Property is expected to be the focus of the Company's exploration and development efforts on a going forward basis. The Lakshmi Property Agreement is subject to its approval by the Exchange. Approval requires the Company to submit a technical report on the Laskshmi Property which the Company anticipates will be completed, and submitted to the Exchange, shortly. More complete information on the Lakshmi Property can be found in the Company's news release of May 9, 2023 under the Company's Issuer Profile on sedar.com.
ABOUT M3 METALS CORP.
M3 METALS CORP.
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, 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 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/175039