JM Resources Corp. entered into a nonbinding letter of intent to acquire Sanibel Ventures Corp. (TSXV:SBEL.P) on March 13, 2023.

JM common share will be exchanged for 1.02 Sanibel Shares at the closing of the Transaction. At the closing of the Transaction, the current directors of Sanibel will resign and be replaced by the nominees of JM, in accordance with corporate law and with the approval of the TSXV. Completion of the Transaction is subject to satisfactory completion of due diligence; execution of the Definitive Agreement; completion of the Concurrent Financing; receipt of all director, shareholder (if necessary) and requisite regulatory approvals, including the acceptance of the TSXV.

JM will complete a private placement of securities through the issuance of common shares in the authorized share structure of JM concurrently with the Transaction.