Intrepid Metals Provides Additional Details Regarding Proposed Acquisition of the MAN Property in Cochise County, Arizona

About this update from Intrepid Metals Corp.

[{"type":"text","content":"Intrepid Metals Provides Additional Details Regarding Proposed Acquisition of the MAN Property in Cochise County, ArizonaVANCOUVER, BC / ACCESSWIRE / October 2, 2023 / Intrepid Metals Corp. (TSXV:INTR)(OTCQB:IMTCF) (\"Intrepid\" or the \"Company\") announces additional details on its previously announced option agreement (the \"Agreement\") to acquire a 100% interest in the MAN Property (the \"Property\") from Mining and Mineral Opportunity Ltd. (\"MMO\"). The Agreement is dated September 11, 2023 and is between the Company, its wholly-owned subsidiary Intrepid Metals (USA) Corp. and MMO.The terms of the Agreement give Intrepid the option (the \"Option\") to acquire a 100% interest in the Property in return for certain cash and common share (\"Share\") payments to MMO. The consideration is as follows and all dollar values are United States dollars:Time PeriodCash PaymentsShare ConsiderationTSXV Approval$200,0003,500,000 Shares12 Months$100,0002,500,000 Shares24 Months$1,000,0002,500,000 Shares36 Months$960,0003,500,000 SharesTotals$2,260,00012,000,000 SharesThere is a 1.0% net smelter royalty (\"NSR\") granted under the terms of the Agreement. 50% of the NSR may be repurchased for US$1,000,000 thereby reducing it to 0.5%. If the Company completes a Preliminary Economic Assessment on the Property, it will make a US$250,000 payment to MMO and the Option will be deemed to be partially exercised and 51% of the earned interest will automatically vest in the Company.In addition, if the Company issues shares at a price below US$0.12, then any unissued shares owing to MMO will be adjusted by a proportional amount that represents the additional dilution calculated using the number of shares that would have been issued at US$0.12 price and the amount of shares actually issued in the applicable transaction. This adjustment shall not apply to issuances under equity compensation plans or for asset or company acquisitions. Instead of issuing additional shares as a result of this adjustment, at each milestone payment date the Company shall instead make an additional cash payment calculated using the amount of additional shares multiplied by the issue price of the shares that triggered the adjustment.Intrepid will take over as operator of the Property and will be responsible for future exploration work and maintaining the Properties in good sta...

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