MANGANESE X Receives Written Confirmation from Mountain Springs Oil and Gas Limited
TSX VENTURE: MN
Montreal, Quebec--(Newsfile Corp. - May 28, 2019) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC2) (TRADEGATE: 9SC2) (OTC Pink: SNCGF) ("Manganese" or the "Company") is pleased to announce that Manganese X has received written confirmation from Mountain Spring Oil and Gas Limited (MSOG) that their final May 17th, 2019 qualified bid to purchase the anticipated oil and gas property located in Western Canada was successful, as being the highest bid for this property. The timeline contemplates completion of confirmatory title and environmental due diligence and execution of the purchase and sale agreement by June 3rd, 2019. With the final closing of the contemplated transaction by June 14th, 2019.
As referred to in our previous news release April 11th, 2019, this established cash bearing oil and gas property has complete infrastructure on all the existing and potential future production areas and is under a closed contract located in Western Canada. Manganese X presently owns 15 % of MSOG. The company has an option of increasing ownership in MSOG with an additional 10% interest upon MSOG completing its current acquisition and with Manganese X Board approval.
The Company's strategy is to leverage the potential cash flow from dividends generated by its interest in MSOG's oil and gas production wells, to advance the Battery Hill manganese and Peter Lake copper-nickel-cobalt projects, as well as other potential opportunities.
Manganese's mission is to acquire and advance high potential manganese mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. In addition, our company is striving to achieve new methodologies emanating from environmentally geographically ethical and friendly green/zero emissions, while processing manganese at a lower competitive cost. For more information visit the website at www.manganesexenergycorp.com
On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.
CEO and Director
Cautionary Note Regarding Forward-Looking Statements:
Neither 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.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.
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