Business
American Copper Development Completes Acquisition of Lordsburg Property, Adds Rick Van Nieuwenhuyse as Chairman and Daniel Schieber as CEO and Completes Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - American Copper Development Corporation (CSE: CI) ("ACDC" or the "Company") has completed its
About this update from American Copper Development Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - August 9, 2022) - American Copper Development Corporation (CSE: CI) (\"ACDC\" or the \"Company\") has completed its acquisition (the \"Transaction\") of certain mineral property interests located in the State of New Mexico (the \"Lordsburg Property\") from Pyramid Peak Mining, LLC (\"PPM\"), a wholly owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, and Mason Resources (US) Inc.(\"Mason\", and collectively with PPM, the \"Vendors\"), a wholly owned subsidiary of Hudbay Minerals Inc as further described in the Company's new releases dated January 13, 2022 and May 26, 2022 (collectively, the \"Previous News Releases\"). The Company is also pleased to announce that Rick Van Nieuwenhuyse has been appointed as Chairman of the board of directors and Daniel Schieber as Chief Executive Officer and that it has closed its private placement of 40,015,840 subscription receipts (the \"Subscription Receipts\") at a price of $0.25 per Subscription Receipt (the \"Issue Price\") for gross proceeds to the Company of $10,003,960 (the \"Equity Financing\"). \"The transaction with Waterton and Hudbay consolidates most of the Lordsburg mining district into ACDC. This district has historically produced significant amounts of precious and base metals from a variety of vein deposits, but to date there has not been a concerted effort to explore for the causative porphyry that generated the fluids for these high-grade veins. Industry's understanding of zoning models in porphyry copper districts and how to explore for them has improved greatly over the past 20 years, and the Lordsburg district itself has not benefited from these advances. We have a district scale IP and MT program underway along with getting the extensive underground mapping and sampling database plotted in 3D. We are also re-mapping the surface geology and relogging the historic core. This will provide a wealth of information. We will bring the most up-to-date exploration techniques to bear on this exciting, but under-explored porphyry copper district located in the middle of abundant infrastructure including interstate highway, rail and multiple power plants - including geothermal and solar power plants providing green energy. We are excited to get exploration underway - it's a long way to the top if you wan...