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Amendment of Cape Spencer Project Option Agreements

By: ACCESSWIRE

September 27, 2023 at 08:00 AM EDT

TORONTO, ON / ACCESSWIRE / September 27, 2023 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) announces that it has entered into amended option agreements regarding its Cape Spencer Project in southern New Brunswick.

Under the original terms of the Marigold option agreement, the Company can earn a 100% interest in the Marigold Property by paying the Optionor a total of $200,000 (comprised of $95,000 in cash and $105,000 in cash and/or consideration shares over a four-year period beginning August 2020 (refer to the press releases dated October 12, 2022 and August 31, 2020). The Company has entered into an amended agreement whereby it will now earn a 100% property interest by paying the Optionor a total of $175,000 in cash and/or consideration shares and 1,075,000 common shares of the Company, over a five-year period ending August 15, 2025. To date, the Company has paid a total of $80,000 ($40,181 in cash and $39,819 through the issuance of 397,799 common shares of the Company) and will issue 1,075,000 common shares of the Company to settle the third anniversary payment. The fourth anniversary payment will consist of $25,000 in cash and $35,000 in cash and/or consideration shares (up to a maximum of 700,000 common shares). A fifth anniversary payment will consist of $35,000 in cash. All future share issuances will be based on the greater of $0.05 per share or the 20-day volume weighted average price on the date a payment is due and the Company elects to make such payment in common shares.

Under the terms of the Armstrong option agreement, the Company can earn a 100% interest in the Armstrong Property by paying the Optionor a total of $90,000 (comprised of $45,000 in cash and $45,000 in cash and/or consideration shares) over a three-year period beginning August 2020 (refer to the press releases dated October 12, 2022 and August 31, 2020). The Company has entered into an amended agreement whereby it will now earn a 100% property interest by paying the Optionor a total of $55,000 in cash and/or consideration shares and 1,300,000 common shares of the Company, over a three-year period. To date, the Company has paid a total of $50,000 ($26,807 in cash and $23,193 through the issuance of 261,783 common shares of the Company) and will pay $5,000 in cash and issue 1,300,000 common shares of the Company and to settle the third anniversary payment currently due, which will complete the earn-in requirements of this option agreement.

The common shares which may be issued under the above-mentioned agreements will be subject to a regulatory four month and one day hold period from their date of issuance and are subject to approval by the TSX Venture Exchange.

About Magna Terra

Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district scale, resource stage gold exploration projects in the top-tier mining jurisdictions of New Brunswick and Newfoundland and Labrador. The Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.

Forward Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.

FOR FURTHER INFORMATION PLEASE CONTACT:

Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com

SOURCE: Magna Terra Minerals Inc.

View source version on accesswire.com:
https://www.accesswire.com/787634/amendment-of-cape-spencer-project-option-agreements

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