Military Metals closes Manson Bay project acquisition
stockwatch.com!MILI-3589653/C/MILI
2024-08-19 18:49 ET - News Release
Further to the news releases on Dec. 4, 2023, and Feb. 7, 2024, Military Metals Corp. (formerly, X1 Entertainment Group Inc.) has completed the acquisition of a 100-per-cent legal and beneficial interest in 13 contiguous mineral claims totalling 4,293.213 hectares located in the province of Saskatchewan known as the Manson Bay project, pursuant to the terms and conditions of a definitive asset purchase agreement dated Feb. 7, 2024, between the company and SKRR Exploration Inc.
The company's acquisition of the purchased assets constitutes a change of business for the company to a mineral exploration company pursuant to the policies of the Canadian Securities Exchange. The property, which is in the exploration stage, is the company's first material mineral property. The company received shareholder approval for the transaction and the COB at the annual general and special meeting of shareholders held on Aug. 14, 2024.
"We are excited about the completion of our change of business to a mining issuer and the opportunities we see in the Manson Bay project as a gold and copper property situated near historic mining operations in a resource-rich region of Canada," said Latika Prasad, chief executive officer.
In connection with the transaction and the COB, the company has changed its name to Military Metals Corp. and will begin trading on the Canadian Securities Exchange under its new symbol MILI on Aug. 20, 2024. The new Cusip for the company's common shares is 599784105, and the new ISIN number is CA5997841054.
Pursuant to the terms and conditions of the definitive agreement, the company acquired: (i) 100 per cent of SKRR's rights, title and interest in the property; and (ii) all data and information in the possession of SKRR with respect to the property and the activities conducted thereon. As consideration for the purchased assets, the company issued SKRR one million common shares in the capital of the company at a deemed price of 25 cents per consideration share. In addition to a statutory hold period of four months plus one day from the date of issuance, the consideration shares are subject to contractual resale restrictions pursuant to which: (i) 50 per cent will be released on the date that is four months following the date of closing; (ii) 25 per cent will be released on the date that is six months following the closing date; and (iii) 25 per cent will be released on the date that is eight months following the closing date.
The completion of the transaction is the final conversion condition for the company's previously issued special warrants. The special warrants will convert into units of the company on Aug. 22, 2024. Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at a price of 30 cents per warrant share for a period of 24 months from the date of issuance.
The transaction is an arm's-length transaction. No finders' fees were paid in connection with the transaction. The company has met all conditions required by the CSE to receive final approval for the company's COB and anticipates the CSE will issue its final bulletin on Aug. 19, 2024.
About Military Metals Corp.
The company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition and exploration of mineral properties. The company's sole mineral property interest is the Manson Bay project located in the province of Saskatchewan.
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