The TSX Venture Exchange has accepted for filing, documentation pertaining to the mining property acquisition agreement entered into on July 8, 2023, between Metal Energy Corp. and an arm's-length vendor for the acquisition of nine mining claims totalling 189 hectares, located in the Thunder Bay-Nipigon area in Ontario, adjacent to the company's recently acquired SourceRock property. Pursuant to the terms of the agreement, the company may acquire a 100-per-cent interest in the property by issuing 1.8 million common shares and making a cash payment of $10,000 on closing of the transaction. Upon completion of the agreement, the vendors will retain a 2.0-per-cent gross value royalty on the property, of which a 1.0-per-cent royalty may be purchased by the company for a cash payment of $1-million.
For further details, please refer to the company's news releases dated July 17, 2023, and Aug. 9, 2023.
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