VANCOUVER, British Columbia, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Metallica Metals Corp. (CSE: MM) (OTC: MTALF) (FWB: SY7P) (the “Company” or “Metallica Metals”) is pleased to announce that it has completed its disposition of the MAX Molybdenum and Mill Project (the “MAX Project”) pursuant to an arm’s length share purchase agreement dated July 21, 2021 between the Company and Mega Moly Mining Corp. (“Mega Moly”), a private British Columbia company (see the Company’s news release dated July 21, 2021).
On closing, Metallica Metals sold all of the issued and outstanding shares of FortyTwo Metals Inc. (“FortyTwo Metals”), which holds certain mineral property interests in British Columbia, including the MAX Project, to Mega Moly. As consideration, Mega Moly issued 150,000 common shares of Mega Moly to the Company, which represent 15% of the issued and outstanding shares of Mega Moly. In conjunction with closing, the Company and Mega Moly amended the share purchase agreement to provide that Mega Moly will pay the $120,000 cash component of the consideration to the Company on or before January 21, 2022. No finder’s fees were paid in connection with the transaction.
On behalf of the Board of Directors
METALLICA METALS CORP.
Paul Ténière, M.Sc., P.Geo.
CEO and Director
info@metallica-metals.com
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For more information, please visit the Company’s website at https://metallica-metals.com or its SEDAR profile at www.sedar.com.
Forward-looking Information Statement
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the mining industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.