- Metalore Resources (MET) has signed an agreement to acquire the remaining 48 per cent interest in Houghton Township, Southwestern Ontario natural gas properties
- The company is acquiring this stake from Southern Ontario Natural Gas Ltd. (SONG)
- In lieu of cash, the company has agreed to exchange a 404,685 square metre mineral property in Greenstone, Ontario for the 48 per cent interest in the natural gas properties
- Metalore Resources (MET) opened trading at C$2.51 per share
Metalore Resources (MET) has signed an agreement to acquire the remaining 48 per cent interest in Houghton Township, Southwestern Ontario natural gas properties.
The company is acquiring this stake from Southern Ontario Natural Gas Ltd. (SONG), a private company that is wholly owned by the Chilian Family.
In lieu of cash, the company has agreed to exchange a 404,685 square metre mineral property in Greenstone, Ontario for the 48 per cent interest in the natural gas properties of SONG that Metalore does not already own.
SONG has agreed to pay Metalore $167,500 (the average of all real estate opinions received in Q1 2023 regarding the Greenstone mineral property) should an agreement not be signed to produce one or more of the Houghton Township natural gas wells by the end of 2023.
The transaction is subject to approval by the TSX Venture Exchange.
Metalore Resources Ltd. (MET) is a Simcoe, Ontario-based resource company focused on natural gas production and gold exploration. It owns and controls petroleum, natural gas, and mineral leases in Charlotteville, Walsingham, and Houghton townships in Norfolk County, Ontario. The company’s properties for gold exploration include Paint LakeProperty and Brookbank Jv Properties. It generates most of its revenue from natural gas.
Metalore Resources (MET) opened trading at C$2.51 per share.
