Manning to acquire Flint interest from Metals Creek
Manning to acquire Flint interest from Metals Creek
2020-11-27 09:23 ET - News Release
See News Release (C-MANN) Manning Ventures Inc
Ms. Zula Kropivnitski of Manning reports
MANNING VENTURES INC. SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FLINT LAKE PROJECT AND AGREEMENT AMENDING TERMS OF SQUID EAST OPTION AGREEMENT
Manning Ventures Inc. has entered into an option agreement, dated Nov. 25, 2020, with Metals Creek Resources Corp., pursuant to which Manning has the option to acquire 100 per cent of Metals Creek's 81.3-per-cent interest in the Flint Lake property located in Ontario.
In order to exercise the Flint Lake Option, Manning must: (1) make cash payments to MEK of $145,000 over three years; (2) issue a total of 2,200,000 common shares of the Company to MEK over three years; 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, provided that Manning retains the right to purchase 50% of such NSR royalty from MEK upon payment of $500,000 at any time.
Manning is also pleased to announce 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 "). As consideration for the amendments set out in the Squid East Amending Agreement, Manning has agreed to make a cash payment of $5,000 and issue 100,000 common shares to MEK.
The Squid East Amending Agreement amends the option exercise requirements in the Previous Squid East Option Agreement as follows:
The Previous Squid East Option Agreement, as amended by the Squid East Amending Agreement, is referred to as the " Squid East Option Agreement ".
Further details of the Previous Squid East Option Agreement are disclosed in the Company's news release dated November 4, 2020. As of the date of this news release, Manning has made total cash payments of $35,000 and issued a total of 600,000 common shares to MEK under the Squid East Option Agreement.
The transactions set out in the Flint Lake Option Agreement and the Squid East Option Agreement (each, an " Option Agreement ") are subject to approval of the Canadian Securities Exchange and the TSX Venture Exchange.
About Manning Ventures Inc.
Manning is a British Columbia based company involved in the acquisition and exploration of copper-gold porphyry mineral properties, with a focus in Canada. Manning is a reporting issuer in British Columbia, Alberta and Ontario, and has its common shares listed for trading on the Canadian Securities Exchange under the symbol "MANN". Manning has an option agreement with Metals Creek Resources Corp. on the Squid East Property in the Yukon, pursuant to which Manning has the option to acquire a 75% interest in the Squid East Property on the terms and conditions set out therein. Manning has an option agreement with Metals Creek Resources Corp. on the Flint Lake Property in Ontario, pursuant to which Manning has the option to acquire a 100% interest in the Flint Lake Property on the terms and conditions set out therein.
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