Military Metals Completes the Acquisition of the Manson Bay Project
Military Metals Completes the Acquisition of the Manson Bay
Project
VANCOUVER, BC – August 19, 2024 – Military Metals Corp. (formerly, X1 Entertainment Group
Inc.) (CSE:MILI; OTCQX: XOEEF; FSE: QN9 ) (t he “Company”) is pleased to announce that,
further to its news releases on December 4, 2023, and February 7, 2024, the Company has
completed the acquisition of a 100% legal and beneficial interest in thirteen (13) contiguous
mineral claims totaling 4,293.213 hectares located in the Province of Saskatchewan known as
the Manson Bay Project (the “ Property”), pursuant to the terms and conditions of a definitive
asset purchase agreement (the “ Definitive Agreement”) dated February 7, 2024 between the
Company and SKRR Exploration Inc. (“SKRR”).
The Company’s acquisition of the Purchased Assets (the “Transaction”) constitutes a change of
business for the Company (the “COB”) to a mineral exploration company pursuant to the policies
of the Canadian Securities Exchange (the “CSE”). The Property, which is in the exploration stage,
is the Company’s first material mineral property. The Company received shareholder approval for
the Transaction and the COB at the annual general and special meeting of shareholders held on
August 14, 2024.
“We are excited about the completion of our change of business to a mining issuer and the
opportunities we see in the Manson Bay Project, as a gold and copper property situated near
historic mining operations, in a resource-rich region of Canada” said Latika Prasad, CEO.
In connection with the Transaction and the COB, the Company has changed its name to “Military
Metals Corp.” and will begin trading on the CSE under its new symbol “MILI” on August 20, 2024.
The new CUSIP for Company’s common shares is 599784105 and the new ISIN number is
CA5997841054.
Pursuant to the terms and conditions of the Definitive Agreement, the Company acquired (i) 100%
of SKRR’s rights, title, and interest in the Property , and (ii) all data and information in the
possession of SKRR with respect to the Property and the activities conducted thereon (the “Data
and Information”, and together with the Property , the “Purchased Assets”). As consideration
for the Purchased Assets, the Company issued SKRR 1,000,000 common shares in the capital
of the Company (the “ Consideration Shares”) at a deemed price of $0.25 per Consideration
Share. In addition to a statutory hold period of four months plus one day from the date of issuance,
the Consideration Shares are subject to contractual resale restrictions pursuant to which (i) 50%
will be released on the date that is four (4) months following the date of closing (the “ Closing
Date”), (ii) 25% will be released on the date that is six (6) months following the Closing Date, and
(iii) 25% will be released on the date that is eight (8) months following the Closing Date.
The completion of the Transaction is the final conversion condition for the Company’s previously
issued special warrants (the “Special Warrants”). The Special Warrants will convert into units of
the Company (“Units”) on August 22, 2024. Each Unit will consist of one common share in the
capital of the Company (a “ Common Share”) and one Common Share purchase warrant (a
“Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Common Share
(a “Warrant Share”) at a price of $0.30 per Warrant Share for a period of twenty-four (24) months
from the date of issuance.
The Transaction is an arm’s length transaction. No finder’s fees were paid in connection with the
Transaction. The Company has met all conditions required by the CSE to receive final approval
for the Company’s COB and anticipates the CSE will issue its final bulletin on August 19, 2024.
About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged
in the acquisition and exploration of mineral properties . The Company’s sole mineral property
interest is the Manson Bay Project located in the Province of Saskatchewan.
For more information, please contact:
Latika Prasad
CEO and Director
For enquiries, please call 604-229-9445 or toll free 1-833-923-3334.
This news release contains “forward-looking information”. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans”, “expects”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations
(including negative variations) of such words and phrases, or state that certain actions, events or
results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors,
including known and unknown risks, many of which are beyond our control, could cause actual
results to differ materially from the forward-looking information in this new s release. Additional
risk factors can also be found in the Company’s public filings under the Company ’s SEDAR+
profile at www.sedar plus.ca. Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation to update any forward-
looking statements, whether as a result of new information, future events or results or otherwise.
There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. The
Company undertakes no obligati on to update forward-looking statements if circumstances,
management’s estimates or opinions should change, except as required by securities legislation.
Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information
contained herein and does not accept responsibility for the adequacy or accuracy of this news
release.