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M3 Metals Provides Lakshmi Property Update Grants Option on Recently Staked Nevada Lands
Vancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - M3 Metals Corp. (TSXV: MT) (FSE:...
About this update from M3 Metals Corp.
[{"type":"text","content":"M3 Metals Provides Lakshmi Property Update Grants Option on Recently Staked Nevada LandsVancouver, British Columbia--(Newsfile Corp. - July 26, 2023) - M3 Metals Corp. (TSXV: MT) (FSE: X0V) (\"M3 Metals\" or the \"Company\") is pleased to announce that the Company has entered into a mineral property option and joint venture agreement (the \"Agreement\") with Surge Battery Metals Inc. (\"Surge\"), a TSX Venture Exchange listed company.The Agreement grants Surge the option (the \"Option\") to earn up to an eighty (80%) percent interest in and to the M3M Lands (as shown in the map below and identified as the M3 Metals Claim Block) by Surge making the following payments to the Company: to earn a fifty (50%) percent interest upon Closing in the M3M Lands, Surge must make a cash payment to the Company of $500,000 and must issue to the Company a total of 2,000,000 of Surge's common shares; to earn an additional twenty (20%) percent interest in the M3M Lands, Surge must make a cash payment to the Company of $250,000, issue to the Company a total of 2,000,000 of Surge's common shares and make $250,000 in exploration expenditures; andto earn an additional ten (10%) percent interest in the M3M Lands, Surge must make a cash payment to M3M of $500,000 and issue to the Company a total of 1,000,000 of Surge's common shares. Upon earning a fifty (50%) percent interest in the M3M Lands, the Company may either continue to earn the additional twenty (20%) percent interest and ten (10%) percent interest in the M3M Lands or may require M3M to enter into a joint venture agreement with Surge for further exploration and development of the M3M Lands. Upon payment of the Full Option Exercise Price, M3M and Surge must enter into a joint venture agreement with industry customary terms including that the party with the greater interest in the M3M Lands will act as the Operator of the M3M Lands unless otherwise agreed between them. Closing of the M3M Agreement is expected to occur within ten (10) days of TSX Venture Exchange approval of the M3M Agreement. The M3M Agreement and the Option have a term of five (5) years and require, upon their termination, that the parties enter into a joint venture provided that Surge has earned at least a fifty (50%) percent interest in the M3M Lands. No finder's fees are payable in connection with the M3M Agreement and M3M a...