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M3 Metals Corp.: Letter of Intent for Option of Interest in Mohave Gold Project
Vancouver, British Columbia--(Newsfile Corp. - June 10, 2020) - M3 Metals Corp. (TSXV: MT) (F...
About this update from M3 Metals Corp.
[{"type":"text","content":"M3 Metals Corp.: Letter of Intent for Option of Interest in Mohave Gold ProjectVancouver, British Columbia--(Newsfile Corp. - June 10, 2020) - M3 Metals Corp. (TSXV: MT) (FSE: XOVP) (\"M3 Metals\" or the \"Company\") is pleased to announce that it 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\") (TSXV: HU.H) an option (the \"Option\") to acquire up to a 90% interest in a mineral property option and purchase agreement (the \"Underlying Agreement\") for a total consideration of 6.1 Million dollars payable in cash and or shares to M3 Metals. Under the Underlying Agreement M3 Metals has the right and option to acquire up to a 100% right, title and interest in and to certain mineral properties (the \"Mohave Project\") in Arizona. The remaining 10% interest will be carried until the time in which a feasibility study (the \"FS\") is delivered, at which point M3 Metals and Huffington will enter into a Joint Venture arrangement. The Letter of Intent is non-binding and calls for the completion of a definitive option and assignment agreement (the \"Assignment Agreement\").THE OPTION AND ASSIGNMENT AGREEMENTUnder the terms of the Assignment Agreement, Huffington, through a wholly owned Nevada subsidiary, will assume all cash payment and exploration expenditure obligations of M3 Metals pursuant to the Underlying Agreement. In addition, Huffington must make the following cash payments to M3 Metals and / or M3 Metals Nevada and must make the following exploration expenditures on the Mohave Project: To the second anniversary of the Assignment Agreement (70% interest): -CDN$300,000 upon closing of the Assignment Agreement;-CDN$400,000 on the fifteenth month anniversary of the Assignment Agreement; and -CDN$400,000 on the second anniversary of the Assignment Agreement.(collectively, the \"Initial Assignment Agreement Payments\")Upon having made the Initial Assignment Agreement Payments and on the condition Huffington has kept the Underlying Agreement in good standing by making the cash payments (the \"Cash Payments\") to the Vendors and completing exploration expenditures (the \"Exploration Expenditures\") as required in the Underlying Agreement Huffington ...