X1 Entertainment Group Inc. (CNSX:XONE) entered into a letter of intent to acquire Manson Bay Project from SKRR Exploration Inc. (TSXV:SKRR) for CAD 0.06 million on December 1, 2023. Pursuant to the terms and conditions of the LOI, as consideration for the acquisition of the Project, X1 Entertainment will issue 1,000,000 common shares to SKRR. It is contemplated that completion of the Proposed Transaction will be subject to a number of customary conditions, including, but not limited to, the receipt of all necessary governmental, regulatory, and stock exchange approvals; meeting all conditions required by the CSE to receive approval of the Proposed Transaction, including the Company having sufficient working capital for 12 months, which will require additional capital raising activities by the Company; the satisfactory completion of due diligence; the absence of any material adverse change in respect of the Property; and the negotiation and execution of the Definitive Agreement including approval of the shareholders of X1.

The Proposed Transaction cannot be completed until these conditions have been satisfied or waived. Following the completion of the Proposed Transaction, the Company will be a mineral exploration company primarily engaged in exploration of the Property, and the identification and acquisition of additional mineral exploration properties. As on February 7, 2024, X1 Entertainment Group Inc. (CNSX:XONE) entered into a definitive agreement to acquire Manson Bay Project Located in Manitoba from SKRR Exploration Inc. (TSXV:SKRR) on February 7, 2024.