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M3 Metals Provides an Update and Property Disclosure for the Daggett Lithium Project, near Barstow, California
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2023) - M3 Metals Corp. (TSXV: MT) (FS...
About this update from M3 Metals Corp.
[{"type":"text","content":"M3 Metals Provides an Update and Property Disclosure for the Daggett Lithium Project, near Barstow, CaliforniaVancouver, British Columbia--(Newsfile Corp. - October 2, 2023) - M3 Metals Corp. (TSXV: MT) (FSE: XOV) (\"M3 Metals\" or the \"Company\"). On May 9, 2023, the Company announced that it had entered into a mineral property option agreement (the \"Agreement\") to acquire up to an eighty (80%) percent interest in the Daggett Lithium Project (the \"Property\"), a mineral property prospective for lithium and located in San Bernardino County, California.The Agreement, dated effective May 8, 2023, is between the Company and IMEx Consultants Inc. (the \"Vendor\"). The Agreement provides that the Company can earn a sixty (60%) percent interest in the Property by: (i) issuing 2,000,000 shares to the Vendor and paying to the Vendor the sum of USD$150,000 upon regulatory approval of the Agreement; and (ii) making USD$400,000 in exploration expenditures on the Property within twelve (12) months of regulatory approval of the Agreement. The Company can acquire an additional twenty (20%) percent interest, for a total eighty (80%) interest in the Property by issuing an additional 2,000,000 shares to the Vendor and making an additional USD$2,000,000 in exploration expenditures on the Daggett Lithium Property within thirty-six (36) months of regulatory approval of the Agreement.The Agreement is subject to the regulatory approval of the TSX Venture Exchange (the \"Exchange\"). Because the transaction can result in the creation of a new control person, IMEx Consultants Inc., approval of the Agreement is further subject to the written consent of shareholders holding over 50% of the current issued and outstanding shares of the Company. The transactions contemplated in the Agreement constitute a Fundamental Acquisition (as that term is defined in the policies of the Exchange) and, as such, require completion of a technical report on the Property prior to receipt of regulatory approval. The technical report has been submitted for review by the Exchange and the Company hopes to move forward with the Fundamental Acquisition shortly. Trading in the shares of the Company is expected to resume between October 4-6, 2023. No finder's fees are payable in connection with the Agreement and the Agreement is an arm's length transaction. There are no royalti...