M3 Announces Extension to Property Purchase Agreement Announced on August 22, 2024
M3 Metals Corp (TSXV: MT, OTCQB: MLGCF) announces an extension to its Property Purchase Agreement with Surge Battery Metals regarding the Texas Springs Properties. The agreement, originally set to close by October 31, 2024, has been extended to June 30, 2025. Under the agreement, Surge will acquire M3's interest in the Properties in exchange for 1,200,000 Surge common shares. The extension is necessary to obtain disinterested shareholder approval, as the transaction is considered a related party transaction under TSX Venture Exchange policies due to shared officers and directors between the companies.
M3 Metals Corp (TSXV: MT, OTCQB: MLGCF) annuncia un'estensione del suo Contratto di Acquisto delle Proprietà con Surge Battery Metals relativo alle Proprietà di Texas Springs. L'accordo, originariamente previsto per essere concluso entro il 31 ottobre 2024, è stato esteso al 30 giugno 2025. Secondo l'accordo, Surge acquisirà l'interesse di M3 nelle Proprietà in cambio di 1.200.000 azioni ordinarie di Surge. L'estensione è necessaria per ottenere l'approvazione degli azionisti non interessati, poiché la transazione è considerata una transazione tra parti correlate in base alle politiche della TSX Venture Exchange a causa della condivisione di funzionari e direttori tra le aziende.
M3 Metals Corp (TSXV: MT, OTCQB: MLGCF) anuncia una extensión de su Acuerdo de Compra de Propiedades con Surge Battery Metals en relación con las Propiedades de Texas Springs. El acuerdo, que originalmente debía cerrarse antes del 31 de octubre de 2024, se ha extendido hasta el 30 de junio de 2025. Según el acuerdo, Surge adquirirá el interés de M3 en las Propiedades a cambio de 1.200.000 acciones ordinarias de Surge. La extensión es necesaria para obtener la aprobación de los accionistas no interesados, ya que la transacción se considera una transacción entre partes relacionadas bajo las políticas de la TSX Venture Exchange debido a la presencia de funcionarios y directores compartidos entre las empresas.
M3 Metals Corp (TSXV: MT, OTCQB: MLGCF)가 Texas Springs Properties에 대한 Surge Battery Metals와의 자산 매매 계약 연장을 발표했습니다. 원래 2024년 10월 31일에 종료될 예정이던 계약이 2025년 6월 30일로 연장되었습니다. 계약에 따라 Surge는 M3의 자산에 대한 지분을 1,200,000 Surge 보통주와 교환하여 인수합니다. 이 연장은 이해관계 없는 주주 승인 을 얻기 위해 필요합니다. 이 거래는 두 회사 간에 임원과 이사가 공유되기 때문에 TSX Venture Exchange 정책에 따른 관련 당사자 거래로 간주됩니다.
M3 Metals Corp (TSXV: MT, OTCQB: MLGCF) annonce une prolongation de son Accord d'Achat de Propriétés avec Surge Battery Metals concernant les Propriétés de Texas Springs. L'accord, qui devait initialement se clore au 31 octobre 2024, a été prolongé jusqu'au 30 juin 2025. En vertu de cet accord, Surge acquerra l'intérêt de M3 dans les Propriétés en échange de 1.200.000 actions ordinaires de Surge. Cette prolongation est nécessaire pour obtenir l'approbation des actionnaires désintéressés, car la transaction est considérée comme une transaction entre parties liées selon les politiques de la TSX Venture Exchange en raison du partage d'officiers et de directeurs entre les entreprises.
M3 Metals Corp (TSXV: MT, OTCQB: MLGCF) gibt eine Verlängerung ihres Kaufvertrags über Grundstücke mit Surge Battery Metals hinsichtlich der Texas Springs Immobilien bekannt. Die Vereinbarung, die ursprünglich bis zum 31. Oktober 2024 abgeschlossen werden sollte, wurde bis zum 30. Juni 2025 verlängert. Gemäß der Vereinbarung wird Surge das Interesse von M3 an den Immobilien im Austausch gegen 1.200.000 Stammaktien von Surge erwerben. Die Verlängerung ist erforderlich, um die Zustimmung der nicht interessierten Aktionäre zu erhalten, da die Transaktion als Transaktion zwischen nahestehenden Parteien gemäß den Richtlinien der TSX Venture Exchange angesehen wird, aufgrund der gemeinsamen Führungskräfte und Direktoren beider Unternehmen.
- Will receive 1,200,000 shares of Surge Battery Metals as compensation for the property sale
- Transaction closing delayed by 8 months due to regulatory requirements
- Complex related party transaction requiring additional shareholder approvals
West Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - M3 Metals Corp. (TSXV: MT) (OTCQB: MLGCF) (FSE: X0V) (the "Company" or "M3 Metals") reports that on August 22, 2024, the Company announced that the Company and Surge Battery Metals Inc. ("Surge") had entered into a property purchase and sale agreement (the "Purchase Agreement") whereby M3, in consideration of the issuance to it by Surge of a total of 1,200,000 common shares of Surge, would sell to Surge all of its right, title and interest in and to the Texas Springs Properties (the "Properties") in the area of Surge's Nevada North Lithium Project. The Properties, which the Company and Surge each own fifty (
The Purchase Agreement contained a clause that the parties had to obtain regulatory approval, and close the transactions contemplated by the Purchase Agreement, by October 31, 2024.
The parties have now entered into an amendment (the "Amendment") dated October 27, 2024 whereby the Purchase Agreement will terminate if closing of the Purchase Agreement has not occurred on or before June 30, 2025. The extended closing date is due to the requirement that the parties obtain disinterested shareholder approval prior to closing.
The Purchase Agreement is considered a related party transaction under the policies of the TSX Venture Exchange by virtue of the parties having in common: (i) a person who is an officer (Corporate Secretary and CFO) and director of one party as well as an officer (Corporate Secretary) of the other party; and (ii) a person who is a director of one party and a
M3 Metals Corp. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in North America. For additional information please visit M3 Metals' website at www.m3metalscorp.com. You may also email info@m3metalscorp.com or call investor relations at (604) 669-2279.
M3 METALS CORP.
"Kosta Tsoutsis"
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 document 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 used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "possible", "potential", "forecast", "intend", "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 including lithium, the accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental, local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure or water, changes in laws, rules and regulations including in Canada, the United States, Nevada or California or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or other currencies, fluctuations in the market for lithium related products, changes in exploration costs and government royalties, export policies or taxes in the United States or any other jurisdiction and other factors or information. The Company's current plans, expectations, and intentions with respect to development of its business and of its properties may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions (including US government subsidies or incentives) on its ability to secure further financing or funding of its properties. Such statements represent the Company's current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental (including endangered species, habitat preservation and water related risks) 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 affecting such statements and information other than as required by applicable laws, rules, and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228497
FAQ
What is the new closing date for M3 Metals' (MLGCF) Texas Springs Properties sale?
How many Surge Battery Metals shares will M3 Metals (MLGCF) receive for the Texas Springs Properties?
Why was M3 Metals' (MLGCF) property sale agreement extended?
