M3 METALS CORP. ("MT")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: October 25, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation pertaining to a mineral property option and joint venture agreement dated July 26, 2023 and an amendment to mineral property option and joint venture agreement dated September 18, 2023 (together "the Agreement"), between M3 Metals Corp. (the "Company") and an arms length party: Surge Battery Metals Inc. (the "Purchaser"). Pursuant to the Agreement, the Purchaser will have the option to acquire up to an 80% interest in the Company's Great Texas Spring Property (the "Property"), located in Elko County Nevada, USA. On exercise of the option, the Properties will be held in a joint venture company (the "JV"), between the Purchaser and Company.
In order to exercise the option in its entirety, the Purchaser must: (i) pay an aggregate cash consideration of $1,250,000; (ii) issue an aggregate of 5,000,000 common shares of the Purchaser to the Company; and (iii) incur an aggregate of $250,000 in exploration expenditure on the Properties over a 5-year period (the "Term").
Further, in the event the option is exercised and a JV is formed, if either party has its interest in the Property diluted to less than 10%, such interest will be converted to a net smelter royalty to be determined by the parties at such time.
For further details, please refer to the Company's news release dated July 26, 2023, September 21, 2023 and October 24, 2023.
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