(via TheNewswire)
The new Properties represent priority early-stage exploration opportunities with positive historical drill hole and rock sample results that have established the presence of iron formations. Situated within the
“These acquisitions add dozens of priority target areas to our iron ore exploration portfolio,”said CEO,
Project Details
Hydro, a 2,122-ha property, features approximately 12-km of linear-style iron formation. Several historical rock samples, amongst three separate zones, have been collected along the trend and average approximately 32.5% Fe (GM67778). The trend does not have any documented historical drilling.
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Figure 1: Manning’s properties within the
Agreement Terms
In consideration for the Acquisition and pursuant to the terms of the Purchase Agreement, the Company will:
- issue an aggregate of 4,000,000 common shares in the capital of the Company (the “Payment Shares”) to the Vendors;
- grant an aggregate of 4,000,000 common share purchase warrants (the “Payment Warrants”) to the Vendors, each of which will be exercisable into one common share in the capital of the
Company (a “Warrant Share”) at an exercise price of$0.35 per Warrant Share for a period of two (2) years from the grant date; and
- pay nominal cash consideration of
$1.00 .
All securities issued in connection with the Acquisition are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Closing of the Acquisition is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.
The securities of the Company referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “
QP Disclosure
About Manning
Manning is a broad-based mineral exploration and development company with a focus in
For further information contact:
Email:info@manning-ventures.com
Telephone: (604) 681-0084
www.manning-ventures.com
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 news release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
FORWARD LOOKING STATEMENTS:
Completion of the Acquisition is subject to a number of conditions, including receipt of appropriate regulatory approvals. The Acquisition cannot close until all such conditions are satisfied. There can be no assurance that the Acquisition will be completed as proposed or at all.
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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Copyright (c) 2021 TheNewswire - All rights reserved., source