Business
Canadian Copper Closes Chester Asset Sale and Receives Notice of Early Turgeon Payment
Toronto, Ontario--(Newsfile Corp. - September 30, 2024) - Canadian Copper Inc. (CSE: CCI) ("Canadian Copper" or the "Company") announced today the closing of th
About this update from Canadian Copper, Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - September 30, 2024) - Canadian Copper Inc. (CSE: CCI) (\"Canadian Copper\" or the \"Company\") announced today the closing of the Chester Project asset sale and certain modifications to the previously announced Raptor Resources Ltd. (\"Raptor\") transaction. Raptor has requested (Table A) certain changes to the transaction agreements to which the Company has agreed to. The executed updated purchase agreements do not impact any cash component paid to Canadian Copper previously announced on September 10th, 2024. Payment Transfer Summary The $675,0001 associated with the Chester Project Agreement is being transferred to the Company. The $225,0001 early exercise payment associated with the Turgeon Project Agreement is being transferred to the Company. Under the modified agreements, Raptor is targeting its Initial Public Offering (\"IPO\") and listing on the Australian Securities Exchange (\"ASX\") in June 2025. Therefore, Canadian Copper will receive 4,000,000 Raptor unlisted shares until their listing is complete. Future Turgeon cash and share payment2 totals remain unchanged. Table A: Transaction Agreement Changes1 \"Multiparty transactions are rarely a straight line. We welcome the closing of the Chester Agreement and receiving a non-dilutive capital injection via the Chester and Turgeon cash payments. New Brunswick is an excellent jurisdiction to explore for base metals and we are eager to watch the Chester and Turgeon resources increase in size through additional exploration efforts by Raptor.\" Simon Quick, CEO of Canadian Copper. Figure A: Asset Sale Map Qualified Person Mr. Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc. and independent Qualified Person as defined in NI 43-101. Mr. Puritch is responsible for the Murray Brook MRE and has reviewed and approved the scientific and technical content of this news release. Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. is President and a Principal of APEX Geoscience Ltd. and is an independent QP. Mr. Dufresne is responsible for the Chester MRE and has reviewed and approved the geological information reported in this news release. About Canadian Copper Inc. Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of historical resources and grassroots projects. The Compan...