M3 Announces Extension to Property Purchase Agreement Announced on August 22, 2024
M3 Announces Extension to Property
Purchase Agreement Announced on August
22, 2024
West Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) -
M3 Metals Corp. (TSXV:
MT) (OTCQB: MLGCF) (FSE: X0V)
(the "Company" or "M3 Metals")
reports that on August 22,
2024, the Company announced that the Company and Surge Battery Metals Inc. ("Surge") had entered
into a property purchase and sale agreement (the "Purchase Agreement") whereby M3, in consideration
of the issuance to it by Surge of a total of 1,200,000 common shares of Surge, would sell to Surge all of
its right, title and interest in and to the Texas Springs Properties (the "Properties") in the area of Surge's
Nevada North Lithium Project.
The Properties, which the Company and Surge each own fifty (50%)
percent of, were the subject of a mineral property option agreement (the "Option Agreement") dated
effective July 26, 2023. The Option Agreement, and all rights and obligations under it, are terminated by
the Purchase Agreement.
The Purchase Agreement contained a clause that the parties had to obtain regulatory approval, and
close the transactions contemplated by the Purchase Agreement, by October 31, 2024.
The parties have now entered into an amendment (the "Amendment") dated October 27, 2024 whereby
the Purchase Agreement will terminate if closing of the Purchase Agreement has not occurred on or
before June 30, 2025.
The extended closing date is due to the requirement that the parties obtain
disinterested shareholder approval prior to closing.
The Purchase Agreement is considered a related party transaction under the policies of the TSX
Venture Exchange by virtue of the parties having in common: (i) a person who is an officer (Corporate
Secretary and CFO) and director of one party as well as an officer (Corporate Secretary) of the other
party; and (ii) a person who is a director of one party and a 10% shareholder of the other party.
As a
result, it is subject to MI 61-101's requirements.
The Company is relying on the exemptions in MI 61-101
from the requirements for a formal valuation (Sections 5.5(a) and (b)), the requirements for a meeting
and information circular (Section 5.7(1)(a)) and the requirements for minority approval (Sections 5.7(1)
(a) and (b)).
The Company wishes to hereby amend its news release of August 22, 2024 which should
have contained the MI 61-101 disclosure above.
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
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 document 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
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "possible", "potential", "forecast", "intend", "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 including lithium, the accuracy of mineral or
resource exploration activity, reserves or resources, regulatory or government requirements or approvals
including approvals of title and mining rights or licenses and environmental, local community or
indigenous community approvals, the reliability of third party information, continued access to mineral
properties or infrastructure or water, changes in laws, rules and regulations including in Canada, the
United States, Nevada or California or any other jurisdiction which may impact upon the Company or its
properties or the commercial exploitation of those properties, currency risks including the exchange rate
of USD$ for Cdn$ or other currencies, fluctuations in the market for lithium related products, changes in
exploration costs and government royalties, export policies or taxes in the United States or any other
jurisdiction and other factors or information. The Company's current plans, expectations, and intentions
with respect to development of its business and of its properties may be impacted by economic
uncertainties arising out of any pandemic or by the impact of current financial and other market
conditions (including US government subsidies or incentives) on its ability to secure further financing or
funding of its properties. Such statements represent the Company's current views with respect to future
events and are necessarily based upon several assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant business, economic, competitive,
political, environmental (including endangered species, habitat preservation and water related risks) 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 affecting 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/228497