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Metallica Metals Executes Agreement to Dispose of MAX Molybdenum and Mill Project
VANCOUVER, British Columbia, July 21, 2021 (GLOBE NEWSWIRE) -- Metallica Metals Corp. (CSE: MM) (OTC: MTALF) (FWB: SY7P) (the “Company” or “Metallica Metals”) i
About this update from Quebec Rare Earth Elements Corp
[{"type":"text","content":" VANCOUVER, British Columbia, July 21, 2021 (GLOBE NEWSWIRE) -- Metallica Metals Corp. (CSE: MM) (OTC: MTALF) (FWB: SY7P) (the “Company” or “Metallica Metals”) is pleased to announce that it has entered into an arm’s length agreement pursuant to which the Company will dispose of the MAX Molybdenum and Mill Project (the “MAX Project”). Pursuant to a share purchase agreement dated July 21, 2021 between the Company and Mega Moly Mining Corp. (“Mega Moly”), a private British Columbia company, the Company will sell all of the issued and outstanding shares of FortyTwo Metals Inc. (“FortyTwo Metals”), the Company’s wholly-owned private British Columbia company, to Mega Moly. FortyTwo Metals holds certain mineral property interests in British Columbia, including the MAX Project. As consideration under the transaction, Mega Moly will pay $120,000 in cash and issue 150,000 common shares of Mega Moly to the Company, which will represent 15% of the issued and outstanding shares of Mega Moly. No finder’s fees were paid in connection with the transaction. Over the past year, Metallica Metals has been seeking potential buyers for the MAX Project so it can fully focus on exploring and developing its promising gold and PGM mineral properties in northern Ontario and British Columbia. With the price of molybdenum up nearly 115% since the beginning of 2021 to nearly US$50.50/kg, the MAX Project has become very attractive as an advanced molybdenum asset as it is fully mine permitted, and the existing mine and mill facilities have been under constant care and maintenance. Mega Moly is a pure-play molybdenum company with an experienced management and technical team that will continue to advance the MAX Project and ensure it meets all mine permitting requirements. Mega Moly also plans to combine the MAX Project with other strategic molybdenum assets, which will allow Metallica Metals and its shareholders to benefit from rising molybdenum prices and continued upside due to its significant share interest in Mega Moly. Closing the transaction is anticipated to take place on or before August 13, 2021 and is subject to the parties fulfilling a number of conditions, including without limitation delivery of customary closing documents. Qualified Person Statement All scientific and technical information contained in this news release was prepared and approved ...