M3 Metals Granted Option to Acquire Lakshmi Property Prospective for Lithium
M3 Metals Granted Option to Acquire Lakshmi
Property Prospective for Lithium
Vancouver, British Columbia--(Newsfile Corp. - May 9, 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 agreement (the "Agreement") to acquire up to an eighty (80%) percent interest in
the Lakshmi Property (the "Lakshmi Property"), a mineral property prospective for lithium and located in
California.
The Agreement, dated effective May 8, 2023, is between the Company and IMEx Consultants Inc. (the
"Vendor").
The Agreement provides that the Company can earn a sixty (60%) percent interest in the
Lakshmi Property by: (i) issuing 2,000,000 shares to the Vendor and paying to the Vendor the sum of
USD$150,000 upon regulatory approval of the Agreement; and (ii) making USD$400,000 in exploration
expenditures on the Lakshmi Property within twelve (12) months of regulatory approval of the Agreement.
The Company can acquire an additional twenty (20%) percent interest in the Laskshmi Property by
issuing an additional 2,000,000 shares to the Vendor and making an additional USD$2,000,000 in
exploration expenditures on the Lakshmi Property within thirty-six (36) months of regulatory approval of
the Agreement.
The Agreement is subject to the regulatory approval of the TSX Venture Exchange (the "Exchange").
The
transactions contemplated in the Agreement constitute a Fundamental Acquisition (as that term is
defined in the policies of the Exchange) and, as such, require completion of a technical report on the
Laskshmi Property prior to receipt of regulatory approval.
No finder's fees are payable in connection with
the Agreement and the Agreement is an arm's length transaction.
There are no royalties or underlying
option or other agreements related to the Lakshmi Property.
The Lakshmi properties comprise 96 staked BLM and County registered lode mining claims covering
2,641 acres (761 hectares). The claims encompass a 9km strike length of exposed Barstow Formation
clay-rich sediments containing anomalous levels of lithium.
Trading in the shares of the Company will remain halted on the Exchange pending receipt and review by
the Exchange of acceptable documentation regarding the Fundamental Acquisition pursuant to Section
5.6(d) of Exchange Policy 5.3.
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
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, 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.
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https://www.newsfilecorp.com/release/165327