Vancouver, British Columbia – TheNewswire – November 27, 2020 – Manning Ventures Inc. (the “Company” or “Manning”) (CSE:MANN) (CNSX:MANN.CN) is pleased to announce that it has entered into an option agreement (the “Flint Lake Option Agreement”) dated November 25, 2020 with Metals Creek Resources Corp. (“MEK”) (TSXV:MEK), pursuant to which Manning has the option (the “Flint Lake Option”) to acquire 100% of MEK’s 81.3% interest in the Flint lake Property located in Ontario (the “Flint Lake Project”).
In order to exercise the Flint Lake Option, Manning must: (1) make cash payments to MEK of $145,000 over three years; (2) issue a total of 2,200,000 common shares of the Company to MEK over three years; and (3) incur work expenditures of $775,000 over three years. Upon exercise of the Flint Lake Option, MEK will retain a 1% NSR royalty, provided that Manning retains the right to purchase 50% of such NSR royalty from MEK upon payment of $500,000 at any time.
Manning is also pleased to announce that it has entered into an amending agreement dated November 25, 2020 (the “Squid East Amending Agreement”) to amend the terms of the option agreement dated September 26, 2018 (as amended by the first amending agreement dated November 1, 2019, the “Previous Squid East Option Agreement”) between Manning and MEK, pursuant to which Manning has the option (the “Squid East Option”) to acquire a 75% interest in MEK’s Squid East Property located in the northwest extension of the White Gold District, Yukon (the “Squid East Project”). As consideration for the amendments set out in the Squid East Amending Agreement, Manning has agreed to make a cash payment of $5,000 and issue 100,000 common shares to MEK.
The Squid East Amending Agreement amends the option exercise requirements in the Previous Squid East Option Agreement as follows:
| Squid East Option Agreement | Squid East Amending Agreement | |
| Exploration Expenditures | 1. $50,000 by December 31, 2020 2. $100,000 between January 1, 2021 and December 2021 3. $300,000 between January 1, 2022 and December 31, 2022 4. $700,000 between January 1, 2023 and December 31, 2023 | 1. $50,000 by December 31, 2021 2. $300,000 between January 1, 2022 and December 31, 2022 3. $700,000 between January 1, 2023 and December 31, 2023 |
| Share Issuances | 1. 600,000 common shares on or before the Company’s listing date 2. 600,000 common shares on or before December 31, 2020 | 1. 600,000 common shares on or before the Company’s listing date 2. 200,000 common shares on or before December 31, 2021 |
| Cash Payments | 1. $35,000 on or before the Company’s listing date 2. $30,000 on or before December 31, 2020 | 1. $35,000 on or before the Company’s listing date 2. $20,000 on or before December 31, 2021 |
| Annual Advance Minimum Royalty Payments | $100,000 beginning on May 31, 2021 and annually thereafter | None. |
The Previous Squid East Option Agreement, as amended by the Squid East Amending Agreement, is referred to as the “Squid East Option Agreement”.
Further details of the Previous Squid East Option Agreement are disclosed in the Company’s news release dated November 4, 2020. As of the date of this news release, Manning has made total cash payments of $35,000 and issued a total of 600,000 common shares to MEK under the Squid East Option Agreement.
The transactions set out in the Flint Lake Option Agreement and the Squid East Option Agreement (each, an “Option Agreement”) are subject to approval of the Canadian Securities Exchange and the TSX Venture Exchange.
About Manning Ventures Inc.
Manning is a British Columbia based company involved in the acquisition and exploration of copper-gold porphyry mineral properties, with a focus in Canada. 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. Manning has an option agreement with Metals Creek Resources Corp. on the Flint Lake Property in Ontario, pursuant to which Manning has the option to acquire a 100% interest in the Flint Lake 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.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Manning believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Manning cautions investors that any forward-looking information provided by Manning is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transactions on the terms set out in each Option Agreement or at all; Manning’s ability to exercise the Flint Lake Option and/or the Squid East Option (each, an “Option”); the state of the financial markets for Manning’s securities; the state of the natural resources sector in the event any Option is completed; recent market volatility; circumstances related to COVID-19; Manning’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Manning is unaware of at this time. The reader is referred to Manning’s initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Manning’s issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. Manning disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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