M3M Closes Initial Disposition of 50% of Lands in the Area of Surge Battery Metals' North Nevada Lithium Project
M3M Closes Initial Disposition of 50% of
Lands in the Area of Surge Battery Metals'
North Nevada Lithium Project
Vancouver, British Columbia--(Newsfile Corp. - October 24, 2023) -
M3 Metals Corp. (TSXV: MT)
(FSE: XOV) ("M3 Metals" or the "Company")
is pleased to announce that it has received regulatory
approval for its option agreement, as amended, (the "Option Agreement") between M3M and Surge
Battery Metals Inc. ("Surge") concerning claims (the "M3M Lands") in the area of Surge's NNLP Project.
The Option Agreement constituted a reviewable disposition.
Surge has acquired an initial fifty (50%) percent interest in the M3M Lands by way of payment of
$500,000 to M3M and issuance of a total of 2,000,000 of Surge's common shares to M3M (the "Surge
Shares").
The Option Agreement provides that Surge can earn an additional twenty (20%) percent interest in the
M3M Lands by making a cash payment to M3M of $250,000, issuing to M3M an additional 2,000,000
common shares and making $250,000 in exploration expenditures.
Surge can earn an additional ten
(10%) percent interest in the M3M Lands, by making a cash payment to M3M of $500,000 and issuing to
M3M a total of 1,000,000 additional common shares.
Should Surge earn a full eighty (80%) percent
interest in the M3M Lands, Surge and M3M are required to enter into a joint venture agreement.
Surge
will act as the operator of the M3M Lands for the term of the Option Agreement unless otherwise agreed
by the parties.
Further details of the Option Agreement are contained in M3M's news releases of July 26, 2023 and
September 21, 2023.
No finder's fees are payable in connection with the Option Agreement and M3M and the Company were
not related parties for the purposes of MI 61-101 or otherwise subject to it at the time of the entering into
of the Option Agreement.
The Surge Shares are subject to an Exchange hold period expiring on February 23, 2024.
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 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/185003