|
|
METROPOLITAN MINING INC. (TSX.V: MNZ) -- FACT SHEET
| Incorporation: | Business Corporations Act (B.C.) -- July 16, 2007 |
| Founder/Promoter: | Michael G. Thomson, President & Chief Executive Officer |
| Directors: | Michael Thomson, Douglas Good, John Boddie, Joe Groia & Bruce Biles |
| Officers: | Douglas Good (CFO) & Derek Thomson (Corporate Secretary) |
| Auditors: | Brent Axworthy, Berris Mangan, Chartered Accountants |
| 43-101 Report: | Kenneth Dawson, P. Eng. Ph. D. -- Terra Geological Consultants |
| IPO: | July 15, 2008 -- 3,000,000 Common Shares @ $0.30 per Share |
| IPO Agent: | First Canada Capital Partners Inc. - Vancouver |
| Exchange Listing: | TSX Venture Exchange: Listing Date: July 18, 2008 |
| Corporate Office: | Suite 400 - 535 Howe Street, Vancouver, BC V6C2Z4 |
| Contact: | Phone: 604-484-6628; Fax: 604-484-6627 |
Corporate Summary: Metropolitan Mining Inc. ("Metropolitan") was incorporated on July 16, 2007 under the Business Corporations Act of British Columbia and is engaged principally in the acquisition, exploration and development of mineral resource properties. Since incorporation, the Company has, amongst other matters: completed a round of seed financing; entered into an option agreement to acquire up to a 60% interest in a mineral property in Argentina; completed an initial public offering; obtained a listing on the TSX Venture Exchange; and performed exploration work on the Fruso property, Salta, Argentina which is the subject of the option agreement entered into by the Company. A summary of these transactions is set out below.
Effective October 18, 2007, the Company entered into a letter of understanding with Argentine Frontier Resources Inc. ("AFRI") outlining the principal terms for an option agreement in respect of the Fruso mineral property (the "LOU") comprised of the two claims in the province of Salta, in northwestern Argentina, Fruso Este and Aracar, comprised of 5,684 Hectares (the "Fruso Property").
A formal option agreement was entered into on March 31, 2008 and amended on November 24, 2008 (the "Option Agreement") between the Company, Salta Exploraciones S.A. ("SESA") and AFRI, (collectively with SESA and AFRI as the "Optionor") whereby the Company has an option to earn up to a 60% interest in the Fruso Property by completing the following on or before July 31, 2011:
(i) spending mineral exploration expenditures of up to US$1,250,000 on the Fruso Property, subject to incurring qualifying exploration expenditures of no less than US$250,000 in any one year, with any amount over the minimum amount of qualifying exploration expenditures spent in any one year may be carried over and counted against the minimum qualifying exploration expenditures required to be made in the following or subsequent years ;
(ii) making cash payments of US$250,000 as follows: US$25,000 which was paid upon receipt of a National Instrument 43-101 report on the Fruso Property (the "43-101 Report"); US$25,000 paid during the six month period ended July 31, 2009; and US$200,000 upon exercise of the option to acquire a 60% interest in Fruso Property and entering into a joint venture; and
(iii) issuing to AFRI a total of 200,000 Common Shares, which Common Shares were issued on March 31, 2008, at a deemed price of $0.20 per Common Share.
Pursuant to the Option Agreement, upon incurring cumulative qualifying exploration expenditures on the Fruso Property on or before July 31, 2009 of not less than US$500,000, US$833,333.33 and US$1,250,000, respectively, the Company has the right to earn a 20%, 40% and 60% interest, respectively, in the Fruso Property.
In the event that the Company will have earned up to a 60% interest in the Fruso Property, then the Optionor and the Company agree to associate on a joint venture basis for further exploration and development of the Fruso Property and to contribute to all further costs including exploration and development in accordance with their respective interests in the Fruso Property.
As at July 31, 2009, the Company had incurred approximately US$611,710 of qualifying expenditures, earned a 20% interest in the Fruso Property and exceeded the minimum qualifying expenditures required to maintain the option in good standing for the two year period ended July 31, 2010.
The Company may terminate the Option Agreement at any time upon 30 days' written notice to the Optionor and subject to certain requirements as set out in the Option Agreement. In the event of default by the Company in the performance of all or part of the requirements as set out in clauses (i), (ii) and (iii) above, the option and the Option Agreement will terminate provided that any rights to the Fruso Property acquired by the Company shall be retained and remain with the Company.
As of June 6, 2008 the Company became a reporting issuer in the provinces of Ontario, Alberta and British Columbia. Effective July 15, 2008, the Company completed an initial public offering of 3,000,000 common shares (the "Offering"), at a price of $0.30 per common share, for gross proceeds of $900,000
On July 18, 2008, the common shares of the Company were listed and called for trading on the TSX Venture Exchange under the symbol "MNZ".
Vancouver Office: Metropolitan Mining Inc.: Suite 400, 535 Howe Street, Vancouver B.C., V6C 2Z4.
|
|
