M3 Metals Receives Regulatory Approval and Makes Initial Payments Under Daggett Lithium Project Option Agreement
M3 Metals Receives Regulatory Approval and
Makes Initial Payments Under Daggett Lithium
Project Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - October 19, 2023) -
M3 Metals Corp. (TSXV: MT)
(FSE: X0V) ("M3 Metals" or the "Company").
The Company wishes to announce that it has received
the regulatory approval required for it to make its initial payments under the Daggett Lithium Project (the
"Project") mineral property option agreement (the "Agreement") and has made those payments.
Details regarding the Project can be found in the Company's news release dated September 29, 2023.
On May 9, 2023, the Company announced that it had entered into the Agreement to acquire up to an
eighty (80%) percent interest in the Project, a mineral property prospective for lithium and located in San
Bernardino County, California.
The Agreement, dated effective May 8, 2023, is between the Company and IMEx Consultants Inc. (the
"Vendor").
The Agreement provided that the Company could earn a sixty (60%) percent interest in the
Project by: (i) issuing 2,000,000 shares (the "Initial Shares") to the Vendor; (ii) paying to the Vendor the
sum of USD$150,000 (the "Option Payment") upon regulatory approval of the Agreement; and (iii)
making USD$400,000 in exploration expenditures on the Project within twelve (12) months of regulatory
approval of the Agreement.
The Company can acquire an additional twenty (20%) percent interest, for a
total eighty (80%) interest in the Project by issuing an additional 2,000,000 shares to the Vendor and
making an additional USD$2,000,000 in exploration expenditures on the Project within thirty-six (36)
months of regulatory approval of the Agreement.
The Company has issued the Initial Shares and has also paid the Option Payment. It will have earned a
sixty (60%) percent interest in the Project should it make the USD$400,000 in exploration expenditures
within twelve (12) months.
The Initial Shares are subject to a four month hold period and may not be sold
until February 19
th
, 2024.
Regulatory approval of the Agreement was subject to the written consent of shareholders holding over
50% of the issued and outstanding shares of the Company because the transaction could result in the
creation of a new control person, IMEx Consultants Inc.
The transactions contemplated in the Agreement constituted a Fundamental Acquisition (as that term is
defined in the policies of the Exchange).
No finder's fees were payable in connection with the Agreement and the Agreement is not a related party
or non-arm's length transaction.
The Agreement was not subject to the provisions of MI 61-101.
There
are no royalties, underlying option or other agreements related to the Property other than the Agreement.
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 (including environmental, habitat and other similar
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, California 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/184565