Business
Carube Signs LOI to Acquire Latin America Resource Group
Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - Carube Copper Corp. (TSXV: CUC) (" Ca...
About this update from C3 Metals Inc.
[{"type":"text","content":"Carube Signs LOI to Acquire Latin America Resource GroupToronto, Ontario--(Newsfile Corp. - August 27, 2019) - Carube Copper Corp. (TSXV: CUC) (\"Carube\") and Latin America Resource Group (\"LARG\") are pleased to announce they have entered into a non-binding Letter of Intent (\"LOI\") dated August 26, 2019, to merge their respective businesses (the \"Proposed Transaction\"), whereby Carube will acquire all of the issued and outstanding shares of LARG pursuant to the Proposed Transaction. LARG is an unlisted private company with four major shareholders.LARG's key asset is the Jasperoide Copper-Gold Project (the \"Jasperoide Project\") located in the highly prospective Andahuaylas-Yauri belt of Peru, where LARG beneficially owns 100% in eight exploration concessions and is earning a majority interest in five exploration concessions together totalling 7,000 hectares. The Andahuaylas-Yauri belt is host to several producing copper-gold-molybdenum deposits and mines including: Las Bambas (Minmetals Group), Antapaccay (Glencore) and Constancia (Hudbay). The Jasperoide Project hosts a number of copper-gold skarn and porphyry targets at various stages of exploration and is located close to existing infrastructure with year-round road access.Proposed Transaction - Summary Carube to secure an underexplored, high-quality, drill ready copper-gold project in a district hosting several producing mines and the opportunity for a major copper-gold discovery. All share transaction. LARG shareholders to receive 3.1 common shares (each, a \"Carube Share\") for each LARG share held on 22 August 2019 and hold 30.9% of the issued shares in Carube post completion of a proposed concurrent CAD $2.5m capital raising.LARG will have the right to nominate two directors to the Carube Board upon completion of the proposed acquisition.The Proposed Transaction combines Carube's highly prospective portfolio of early stage copper-gold and gold assets in Jamaica with LARG's high potential drill ready copper-gold targets in Peru and further strengthens Carube's experienced and highly successful board and management team. Mr. Stephen Hughes, CEO of Carube, commented: \"For the past two years Carube has been systematically searching the America's for a copper and gold opportunity with company maker potential. LARG's Jasperoide project displays all the attributes we h...