SURGE BATTERY METALS INC. ("NILI")
BULLETIN TYPE: Property-Asset or Share Purchase 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 amended on September 18, 2023 (collectively, the "Agreement") between Surge Battery Metals Inc. (the "Company"), M3M Metals Corp., together with its subsidiary ML Nevada Corp. (collectively referred to as "Optionor"). Pursuant to the terms of the Agreement, the Optionor has agreed to grant an option to the Company to acquire up to an eighty percent (80%) interest in 253 claims, in Elko County, Nevada (the "Property").
As option payments for the acquisition of up to an 80% interest in the Property, the Company will pay $1,250,000 in cash, issue up to 5,000,000 shares of the Company to the Optionor, and incur $250,000 in exploration expenditures. These option payments will be distributed over several stages within a five-year period, detailed as follows:
CASH SHARES Exploration or Work Commitments
To earn 50% Interest $500,000 2,000,000 Nil
To earn an additional 20% Interest $250,000 2,000,000 $250,000
To earn an additional 10% Interest $500,000 1,000,000 Nil
Upon any of the following events: i) the Company exercising the option for an 80% interest; ii) the Company earning a minimum of 50% interest in the Property and terminating the Agreement; or iii) the Agreement terminating after a period of five years with the Company having earned at least 50% interest in the Property, both the Company and the Optionor will enter into a joint venture.
The transaction is arm's length in nature, and no finder's fee is payable.
For further details, please refer to the Company's news releases dated July 26, 2023, September 21, 2023, and October 24, 2023.
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