Mr. Adrian Smith reports
M3 METALS CORP.: DEFINITIVE AGREEMENT SIGNED FOR OPTION OF INTEREST IN MOHAVE GOLD PROJECT
M3 Metals Corp. has entered into a definitive mineral property option agreement dated effective July 4, 2020.
The company originally announced on June 10, 2020, that it had entered into a letter of intent effective June 9, 2020, whereby ML Nevada Corp., a wholly owned Nevada-incorporated subsidiary of M3 Metals Corp., would grant to Huffington Capital Corp. an option to acquire up to a 90-per-cent interest in a mineral property option and purchase agreement concerning the company's Mohave gold project for a total consideration of $6.1-million payable in cash and or shares to M3 Metals.
The terms and conditions of the definitive agreement remain as disclosed in the June 10, 2020, news release (and can be referenced by reviewing that news release) save and except that there have been the following changes:
- A $400,000 payment to the company due to be made by Huffington on the 15-month anniversary of the assignment agreement has been changed to the 15-month anniversary of the definitive agreement;
- Huffington will not earn its 90-per-cent interest in the project until such time as it has made all required payments and exploration expenditures (it was originally announced the interest earned would be staged), and has made all payments and expenditures required to exercise the underlying agreement.
The vendors of the Mohave gold project in the underlying agreement were provided with notice of the definitive agreement and have consented to it.
The company has been advised that Huffington will itself announce the definitive agreement, as well as provide an update on the status of the qualifying transaction, on or before Tuesday, July 14, 2020.
About M3 Metals Corp.
M3 Metals is focused on creating shareholder value through discoveries and strategic development of mineral properties in North America.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.