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Metal Energy and Mistango River Announce Exploration Option Agreement and Call Option Agreement regarding the Manibridge Project
Metal Energy and Mistango River Announce Exploration Option Agreement and Call Option Agr...
About this update from Metal Energy Corp
[{"type":"text","content":"\n \n \n \n Metal Energy and Mistango River Announce Exploration Option Agreement and Call Option Agreement regarding the Manibridge Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 2, 2022\n \n \n /CNW/ - Metal Energy Corp. (TSXV: MERG) (the \"\n \n Company\n \n \" or \"\n \n Metal Energy\n \n \") and Mistango River Resources Inc. (CSE:MIS) (\"\n \n Mistango\n \n \") are pleased to jointly announce that they have entered into an option agreement (the \"\n \n Option Agreement\n \n \") and a call option agreement (the \"\n \n Call Option Agreement\n \n \"), each dated\n \n October 28, 2022\n \n . Each such agreement pertains to a 15% interest ‎(except the NSR as defined below)‎ (the \"\n \n Interest\n \n \") in Metal Energy's Manibridge project (the \"\n \n Project\n \n \"), consisting of 19 mineral claims encompassing approximately 4,368 hectares, located in the province of\n \n Manitoba\n \n , approximately 20 kilometers southwest of\n \n Wabowden, Manitoba\n \n .\n \n \n \n Terms of the Option Agreement\n \n \n \n Pursuant to the Option Agreement, Metal Energy, as optionor, granted Mistango, as optionee, an option to acquire the Interest in the Project. Consideration for acquiring the Interest is the carrying out by Mistango of an aggregate of\n \n $1,500,000\n \n in work obligations to enable the carrying out of exploration work on the project by not later than\n \n December 31, 2022\n \n (the \"\n \n Work Obligations\n \n \"). ‎\n \n \n The\n \n $1,500,000\n \n in Work Obligations will be incurred primarily through third-party contractors and for drilling, drill-related work, geophysics, reports and sampling and all services in support thereof, but will also include all necessary maintenance and carrying costs including taxes or fees levied by the Province of\n \n Manitoba\n \n or its agencies or the local municipality (but not sales taxes or taxes on income or profits) relating to the Project. The Company shall be entitled to charge a management ...