Tickers: XCNQ:MANN
Tags: #Mining
Vancouver, British Columbia - TheNewswire - November 4, 2019. Manning Ventures Inc. (the "Company" or "Manning") is pleased to announce that it has entered into an amending agreement dated November 1st, 2019 (the "Amending Agreement") to amend the terms of the option agreement dated September 26, 2018 (the "Original Option Agreement") between the Company and Metals Creek Resources Corp. ("MEK"), pursuant to which the Company has the option to acquire a 75% interest in MEK's Squid East Property located in the northwest extension of the White Gold District, Yukon (the "Property").
In order to exercise the option, Manning must spend a total of $1,150,000 on exploration of the Property, issue a total of 1,200,000 common shares of the Company to MEK, and make a total of $65,000 in cash payments to MEK. Manning must also make annual advance minimum royalty ("AAMR") payments of $100,000 each to MEK. The Amending Agreement amends the timing of these option exercise requirements and the AAMR payments, as follows:
Original Option Agreement | Amending Agreement | |
Exploration Expenditures |
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Share Issuances |
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Cash Payments |
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AAMR Payments | $100,000 beginning on May 31, 2020 and annually thereafter | $100,000 beginning on May 31, 2021 and annually thereafter |
The terms of the Original Option Agreement are disclosed in the Company's prospectus dated August 30, 2019.
About Manning Ventures Inc.
Manning is a British Columbia based company involved in the acquisition and exploration of copper-gold porphyry mineral properties. 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.
Contact Information
Manning Ventures Inc.
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.
Copyright (c) 2019 TheNewswire - All rights reserved.
