Business
Canadian Copper Executes Sale Agreements Valued at $2.1M
Signed a Definitive Agreement to sell its Chester Project Option Agreement Rights for cash and sh...
About this update from Canadian Copper, Inc.
[{"type":"text","content":"Canadian Copper Executes Sale Agreements Valued at $2.1MSigned a Definitive Agreement to sell its Chester Project Option Agreement Rights for cash and shares totaling $1,395,0001,2.Signed a Definitive Agreement to sell its Turgeon Project Option Agreement Rights for cash and shares totaling $675,0001,2.Canadian Copper increases its focus on the highly prospective Murray Brook West exploration property that is contiguous to its 100% owned large Murray Brook deposit, New Brunswick's largest undeveloped open pit polymetallic resource. (See Figure A).Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - Canadian Copper Inc. (CSE: CCI) (\"Canadian Copper\" or the \"Company\") is pleased to announce that it has signed two separate conditional sale agreements to sell and transfer its Option Agreement rights for the Chester and Turgeon Projects located in New Brunswick, Canada, for total possible consideration of $2,160,0001,2 in cash and shares. \"Focus is essential when navigating the current capital markets situation for most junior miners in Canada today. We believe this strategic divestment achieves two objectives for us. First, it enables Canadian Copper to allocate capital exclusively on the advanced large open pit Murray Brook deposit and surrounding exploration ground, while still participate in Chester and Turgeon resource growth through Raptor Resources shares. Second, this transaction will strengthen Canadian Copper's balance sheet without shareholder dilution.\" Simon Quick, CEO of Canadian Copper.Transaction SummaryChester Project Definitive Sale Agreement Canadian Copper will sell and transfer its Chester Project Option Agreement rights to Raptor Resources Ltd. (\"Raptor or Buyer\") for the following consideration: A non-refundable fee of $90,0001 paid by Raptor to the Company within 10 business days of definitive agreement execution. A $675,0001 cash payment by Raptor to the Company on or before June 30, 2024. This payment is conditional on Raptor listing its company shares on the Australian Stock Exchange (\"ASX\").The issuance of 4,000,0002 Buyer shares to the Company on or before June 30, 2024.Turgeon Project Definitive Sale Agreement Canadian Copper will sell and transfer its Turgeon Project Option Agreement rights to Raptor Resources Ltd. for the following consideration: The Buyer incurring a minimum work commitment ...