(via TheNewswire)
In order to exercise the Flint
Manning is also pleased to announce that it has entered into an amending agreement dated
The Squid East Amending Agreement amends the option exercise requirements in the Previous Squid East Option Agreement as follows:
-------------------------------------------------------------------------------------------------------------------------------------------------------------- | |Squid East Option Agreement |Squid East Amending Agreement | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |Exploration Expenditures|1. $50,000 by December 31, 2020 |1. $50,000 by December 31, 2021 | | |2. $100,000 between January 1, 2021 and December 2021 |2. $300,000 between January 1, 2022 and December 31, 2022 | | |3. $300,000 between January 1, 2022 and December 31, 2022 |3. $700,000 between January 1, 2023 and December 31, 2023 | | |4. $700,000 between January 1, 2023 and December 31, 2023 | | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |Share Issuances |1. 600,000 common shares on or before the Company's listing date |1. 600,000 common shares on or before the Company's listing date | | |2. 600,000 common shares on or before December 31, 2020 |2. 200,000 common shares on or before December 31, 2021 | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |Cash Payments |1. $35,000 on or before the Company's listing date |1. $35,000 on or before the Company's listing date | | |2. $30,000 on or before December 31, 2020 |2. $20,000 on or before December 31, 2021 | | | | | |------------------------------------------------------------------------------------------------------------------------------------------------------------| |Annual |$100,000 beginning on May 31, 2021 and annually thereafter |None. | |AdvanceMinimum | | | |Royalty Payments | | | --------------------------------------------------------------------------------------------------------------------------------------------------------------
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
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
About
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Contact Information
Zula Kropivnitski, Chief Financial Officer
Email:zkropivnitski@preaknessgroup.com
Telephone: (604) 681-0084
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Manning believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Manning cautions investors that any forward-looking information provided by Manning is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transactions on the terms set out in each Option Agreement or at all; Manning's ability to exercise the Flint
The forward-looking statements contained in this press release are made as of the date of this press release. Manning disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Copyright (c) 2020 TheNewswire - All rights reserved., source