Vancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - M3 Metals Corp. (TSXV: MT) (FSE: X0V) ("M3 Metals" or the "Company") is pleased to announce that the Company has entered into a mineral property option agreement (the "Agreement") to acquire up to an eighty (80%) percent interest in the Lakshmi Property (the "Lakshmi Property"), a mineral property prospective for lithium and located in California.
The Agreement, dated effective May 8, 2023, is between the Company and IMEx Consultants Inc. (the "Vendor"). The Agreement provides that the Company can earn a sixty (60%) percent interest in the Lakshmi Property by: (i) issuing 2,000,000 shares to the Vendor and paying to the Vendor the sum of USD$150,000 upon regulatory approval of the Agreement; and (ii) making USD$400,000 in exploration expenditures on the Lakshmi Property within twelve (12) months of regulatory approval of the Agreement.
The Company can acquire an additional twenty (20%) percent interest in the Laskshmi Property by issuing an additional 2,000,000 shares to the Vendor and making an additional USD$2,000,000 in exploration expenditures on the Lakshmi Property within thirty-six (36) months of regulatory approval of the Agreement.
The Agreement is subject to the regulatory approval of the TSX Venture Exchange (the "Exchange"). The transactions contemplated in the Agreement constitute a Fundamental Acquisition (as that term is defined in the policies of the Exchange) and, as such, require completion of a technical report on the Laskshmi Property prior to receipt of regulatory approval. No finder's fees are payable in connection with the Agreement and the Agreement is an arm's length transaction. There are no royalties or underlying option or other agreements related to the Lakshmi Property.
The Lakshmi properties comprise 96 staked BLM and County registered lode mining claims covering 2,641 acres (761 hectares). The claims encompass a 9km strike length of exposed Barstow Formation clay-rich sediments containing anomalous levels of lithium.
Trading in the shares of the Company will remain halted on the Exchange pending receipt and review by the Exchange of acceptable documentation regarding the Fundamental Acquisition pursuant to Section 5.6(d) of Exchange Policy 5.3.
ABOUT M3 METALS CORP.
M3 METALS CORP.
Kosta Tsoutsis, CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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