Metal Energy Corp (TSX-V:MERG, OTCQB:MEEEF) said it has extended the option agreement with Mistango Riber Resources on its Manibridge project in Manitoba.
The company said it had amended the agreement with Mistango River for exercising a call option to re-acquire a 15% interest in Manibridge, which consists of 19 mining claims in Manitoba.
The original call option agreement, dated October 28, 2022, granted Metal Energy the right to repurchase this interest from Mistango by April 30, 2024. Under the new terms, this deadline is extended to April 30, 2026.
As consideration for this extension, Metal Energy will issue Mistango 1 million common shares at a deemed price of $0.02 per share, amounting to a total value of $20,000.
The amended agreement allows Metal Energy to re-acquire the interest at any time before the new deadline for $2.25 million, payable either in cash or common shares of Metal Energy, subject to TSX Venture Exchange approval.
The Manibridge Project, located in the Province of Manitoba, encompasses 19 mining claims with significant potential for resource development. The project's strategic location and promising geological prospects make it a key asset for Metal Energy's portfolio.