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M3 Metals Corp.: Definitive Agreement Signed for Option of Interest in Mohave Gold Project
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - M3 Metals Corp. (TSXV: MT) (F...
About this update from M3 Metals Corp.
[{"type":"text","content":"M3 Metals Corp.: Definitive Agreement Signed for Option of Interest in Mohave Gold ProjectVancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - M3 Metals Corp. (TSXV: MT) (FSE: X0VP) (\"M3 Metals\" or the \"Company\") is pleased to announce that it has entered into a definitive mineral property option agreement dated effective July 4, 2020 (the \"Definitive Agreement\").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. (\"M3 Metals Nevada\"), a wholly owned Nevada incorporated subsidiary of M3 Metals Corp. (\"M3 Metals\"), would grant to Huffington Capital Corp. (\"Huffington\") an option (the \"Option\") to acquire up to a 90% interest in a mineral property option and purchase agreement (the \"Underlying Agreement\") concerning the Company's Mohave Gold Project (the \"Project\") for a total consideration of 6.1 Million dollars 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 CDN$400,000 payment to the Company due to be made by Huffington on the fifteen month anniversary of the Definitive Agreement has been changed to the fifteen month anniversary of the Definitive Agreement; and,Huffington will not earn its ninety (90%) percent 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 Corp. is a Canadian listed Company, focused on creating shareholder value through discoveries and strategic development of mineral properties in North America. For additional information please visit M3 Metals website at www.m3metalscorp.com. You may also email i...