Business
MetalQuest Mining to Sell its Minority Interest in its Murray Brook Project to Canadian Copper, Bathurst Mining District, New Brunswick
(TheNewswire) September 12 th , 2023 - TheNewswire - Rockport, Ontario ...
About this update from Metalquest Mining Inc
[{"type":"text","content":"MetalQuest Mining to Sell its Minority Interest in its Murray Brook 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 September 12\n \n \n th\n \n \n , 2023\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”) is pleased to provide\nan update on the sale of MetalQuest Mining’s minority share of the\nMurray Brook Polymetallic Project, located in the Bathurst Mining\nCamp, New Brunswick. By mutual agreement both parties, MetalQuest\nMining (MQM) and Canadian Copper Inc. (CCI) have entered a binding\nLetter of Intent dated Monday 11\n \n \n th\n \n \n September\n2023. CCI has the option to purchase all of MQM’s 28.2% (as of\nFebruary 2023) interest in and to the Murray Brook Mining Lease 252\nand Claim Block 4925 situated in Restigouche and Northumberland\ncounties, New Brunswick (collectively, the “Mining Asset”).\n \n \n CCI signed a definitive purchase agreement with\nVotorantim Metals Canada (VMC) on August 2\n \n \n nd\n \n \n to acquire\nVMC’s majority interest in Murray Brook.\n \n \n \n \n Chairman and CEO Harry Barr states, “We are pleased\nto have entered into agreement with Canadian Copper Inc (CCI) to sell\nour minority interest in the Murray Brook Polymetallic Project. Over\nthe term of the agreement, we will receive up to $2.3 million in cash,\n2.5 million units of the Company’s shares and a royalty of 0.33%.\nCCI will have the right to purchase half of the 0.33% royalty for $1\nmillion.\n \n \n A final instalment of $1,000,000 will\nbe paid to MetalQuest within 31 days of the initiation of commercial\nproduction.\n \n \n As a reminder, we already have an\nadditional 0.67% of a royalty from an earlier transaction.\n \n \n The sale of this asset will\nconstitute a non-dilutive financing for the Company and still allow us\nto participate in the upside of this project through the ownership of\nCCI shares and our royalties.”\n \n \n \n \n Terms of Binding Letter of Intent\n \n \n \n \n \n \n A non-refundable deposit of $100,000 (the\n“Deposit”) to be paid by CCI in favour of MQM credited to the\nP...