APRIL 28 2023 Silicon Metal
MGX has sold its British Columbia Silicon Metal properties to Mt. Wilson Silica Ventures Inc. for $500,000, payable in instalments, pursuant to a purchase and sale agreement dated March 1, 2023. The first instalment of $250,000 has been paid and the property has been transferred. The second instalment will become due and payable when Mt. Wilson Silica Ventures Inc. obtains all permits required for the development, construction and commercial operation of the first mine on the property. The agreement also grants MGX a one-time contractual right of first offer for the purchase at market prices of the lesser of (a) 100,000 tonnes of 99% silica, or (b) 50% of total output production from the property.
AGM should have occurred first - consult with shareholders.
Did MGX not have $1 million on hand stated in video ?
Who was the recipient of the first $250k ?
Any insiders ?
I've never seen such a low valuation ( $500k ) for ALL silica claims.
Sift the books, what were the prior costs to own each - carry each + drill ?
Absolutly no market ( value ) given based on current silica metal worth ( chips )
Mt. Wilson Silica Ventures Inc. ?
Is Homerun Resources apart of this ?
Silica claims ( upto 99% purity ) hot - commodity at present
Easiest to profit from yet...first out the door ?
Unloaded at bargoon prices
I've never seen such odd terms ( completely backwards )
If mgx only sold for $500k.... needed only $500k
then the deal should've been only sell $500k worth of silica
= mgx retain 99% ownership of silica !!!
REN Tantalum-Niobium
MGX has sold its REN Tantalum-Niobium project to North American Carbonatite Exploration Pty. Ltd. for $140,000 AUS minus outstanding property payments passed due, pursuant to a purchase and sale agreement dated March 9, 2023.
Who originally owned the REN claims ?
MGX bought claims from whom ?
These REN claims are not too far away from, GC claims.
Corporate Update
MGX has used the majority of funds from the recent property sales to pay down accounts payable including legal, auditors and accountants for the purpose of returning to trade and as well as property payments and various AP. The major outstanding audit item remains the final signoff on its PurLucid subsidiary which is believed to be near completion. The Company appointed Stephen Saltzman as a director and member of the Audit Committee, effective November 1, 2022.
Did MGX not have $1 million on hand stated in video ?
Full list of remaing assets are needed Final sign off on Purlucid - sounds like closure ??? What about - Preston - Conductive Energy - Brine lithium extraction ( bank jr ) ? Either mgx never knew of this.... dart thrown. Or, they did know and it's a back in.... on brines...? Yet.... words " sign off " doesn't quite fit the narrative as, back in. Furthermore, why is mgx not pushing harder on GC claims using portable drill under deemed authorized to get the jump on drilling ? No update on le tain ? https://ceo.ca/@thenewswire/mgx-minerals-announces-acquisition-of-the-letain-nickel What about Driftwood ? Marysville ? Red Mountain ? Topaz ? Botts ? Heino, Tillicum and Fran ?