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Aurwest Resources Announces Closing of Stars Sale and Corporate Updates
CALGARY, AB / ACCESSWIRE / January 9, 2025 / Aurwest Resources Corporation ("Aurwest" or the "Company") (CSE:AWR) is pleased to announce that it has closed the
About this update from Aurwest Resources Corp.
[{"type":"text","content":" CALGARY, AB / ACCESSWIRE / January 9, 2025 / Aurwest Resources Corporation (\"Aurwest\" or the \"Company\") (CSE:AWR) is pleased to announce that it has closed the sale of its 100% interest in its Stars property (the \"Property\") to Interra Copper Corp. (\"Interra\"), which was previously announced on October 7, 2024 (the \"Transaction\") Closing of Stars Transaction As consideration in the Transaction, Interra has issued aggregate gross proceeds of approximately $1.0 million in the form of cash and securities, which includes 10 million common shares of Interra and 2.5 million common share purchase warrants of Interra (the \"Consideration Shares\"). Interra has also made a $100,000 cash payment as part of the consideration for the Transaction plus a cash deferral payment of approximately $150,000, which the Company expects to receive in the first quarter of 2025. In connection with the closing, Mr. Cameron MacDonald has agreed to join the Board of Directors of Interra. Mr. Cameron MacDonald, interim CEO of Aurwest, commented: \"I am looking forward to assisting Interra in financing exploration of the Stars Property and exposing the Aurwest shareholders to the upside potential of advancing the Stars Property. Given the global movement towards electrification, environmental concerns, infrastructure development, and the forecasted demand for copper, the combined properties of Interra make a very compelling exploration package.\" Settlement Agreement At the Shareholder meeting held on February 28, 2020, the shareholders successfully voted in favor by 57.22% or 7,382,852 common shares (see March 2, 2020, Press Release) represented at the Annual General Meeting (the \"AGM\") to replace the previous management and Board of Directors, whom withdrew their nomination for re-election as directors at the AGM, which included the former President & CEO, Mr. Faris. As a result, the concerned shareholder' nominees were appointed as new management and Directors at the AGM. The new management and Directors have long disputed the accrued management fees, severance, change of control, interest, costs charged by Mr. Faris through his consulting company (0783701 B.C. Ltd.), some charges dating back to 2017. In an effort to resolve these matters, the Company had made multiple offers to settle the matter, however the parties were unable to come t...