Business
Metals Creek Options Flint Lake to Manning Ventures and Amends Terms of Squid East Option Agreement
Thunder Bay Ontario--(Newsfile Corp. - November 27, 2020) - Metals Creek Resources Corp. (TSXV...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Options Flint Lake to Manning Ventures and Amends Terms of Squid East Option AgreementThunder Bay Ontario--(Newsfile Corp. - November 27, 2020) - Metals Creek Resources Corp. (TSXV: MEK) (the \"Company\" or Metals Creek) is pleased to announce that the company has signed an option agreement (the agreement) with Manning Ventures Inc, (CSE: MANN) (\"Manning\") whereas Manning has the right to earn a 100% interest of Metals Creeks 81.3 % interest in the Flint Lake project.In order to exercise the Flint Lake Option, Manning must: (1) make cash payments to MEK of $145,000 over three years ($20,000 upon signing); (2) issue a total of 2,200,000 common shares of Manning to Metals Creek over three years (300,000 shares upon signing); and (3) incur work expenditures of $775,000 over three years. Upon exercise of the Flint Lake Option, MEK will retain a 1% NSR royalty, Manning will retain the right to purchase 50% of such NSR royalty from MEK upon payment of $500,000 at any time. Metals Creek also announces that it has entered into an amending agreement dated November 25, 2020 (the \"Squid East Amending Agreement\") to amend the terms of the option agreement dated September 26, 2018 (as amended by the first amending agreement dated November 1, 2019, the \"Previous Squid East Option Agreement\") between Manning and MEK, pursuant to which Manning has the option (the \"Squid East Option\") to acquire a 75% interest in MEK's Squid East Property located in the northwest extension of the White Gold District, Yukon (the \"Squid East Project\"). In order to exercise the Squid East Option, Manning must incur exploration expenditures totaling $1,050,000, issue a total of 800,000 common shares of the Company and make a total of $55,000 in cash payments to MEK. The Amending Agreement amends these option exercise requirements, as follows:Squid East Option AgreementSquid East Amending AgreementExploration Expenditures$50,000 by December 31, 2020$100,000 between January 1, 2021 and December 2021$300,000 between January 1, 2022 and December 31, 2022 $700,000 between January 1, 2023 and December 31, 2023$50,000 by December 31, 2021$300,000 between January 1, 2022 and December 31, 2022$700,000 between January 1, 2023 and December 31, 2023Share Issuances600,000 common shares on or before the Company's listing date 600,000 common shares on or bef...