Business
MetalQuest Mining Completes Sale of its Minority Interest in its Murray Brook Polymetallic Project to Canadian Copper Bathurst Mining District New Brunswick
(TheNewswire) February 1 st , 2024 - TheNewswire - Rockport, Ontario &#...
About this update from Metalquest Mining Inc
[{"type":"text","content":"MetalQuest Mining Completes Sale of its Minority Interest in its Murray Brook Polymetallic Project to Canadian Copper Bathurst Mining District New Brunswick\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n February 1\n \n \n st\n \n \n , 2024\n \n \n -\n \n \n TheNewswire -\n \n \n Rockport, Ontario –\n(TSXV:MQM\n \n \n )\n \n \n ;\n \n \n (\n \n \n OTC:MQMIF\n \n \n )\n \n \n ;\n \n \n (\n \n \n FSE:E7Q.F) (“MQM” or “Company”) Further to the news\nrelease dated September 12, 2023, MQM is pleased to provide an update\non the sale of MetalQuest Mining’s minority share of the Murray\nBrook Polymetallic Project, located in the Bathurst Mining Camp, New\nBrunswick. By mutual agreement both parties, MetalQuest Mining (MQM)\nand Canadian Copper Inc. (CCI) have signed a Asset Purchase Agreement\ndated January 2024. To the end, CCI and MQM have concluded the  sale\nof MQM’s 28.2% (as of February 2023) interest in and to the Murray\nBrook Mining Lease 252 and Claim Block 4925 situated in Restigouche\nand Northumberland counties, New Brunswick (collectively, the\n“Mining Asset”).\n \n \n CCI also signed a\ndefinitive purchase agreement with Votorantim Metals Canada (VMC) on\nAugust 2\n \n \n nd\n \n \n to acquire VMC’s majority interest in Murray Brook. On\nJanuary 30\n \n \n th\n \n \n 2024, MQM received its issuance of shares and warrants and\nthe funds have settled into the treasury of MetalQuest Mining.\n \n \n \n \n Chairman and CEO Harry Barr states, “We are pleased\nto have closed the deal with Canadian Copper Inc (CCI) to sell our\nminority interest in the Murray Brook Polymetallic Project. Over the\nterm of the agreement, we may receive up to $2.3 million in cash. As\npart of the Asset Purchase Agreement the Company has received 2.5\nmillion units of the Company’s shares. The 2.5 million warrants are\nfor 5 years from the date of issuance. MQM has been issued a royalty\nof 0.33%. CCI will have the right to purchase half of the 0.33%\nroyalty for $1 million.\n \n \n A final instalment of\n$1,000,000 will be paid to MetalQuest within 31 days of the initiation\nof commercial production.\n \n \n As a reminder to\nshareholders, MQM already has an additional 0.67% of a royalty from an\nearlier transaction.\n \n \n The sale\no...