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Norden Crown Metals Announces Closing of Acquisition of Domestic Copper Corporation and Concurrent Private Placement
VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Norden Crown Metals Corporation (“Norden Crown” or the “Company”) (TSXV:NOCR, OTC:NOCRF, Frankfu
About this update from Domestic Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Norden Crown Metals Corporation (“Norden Crown” or the “Company”) (TSXV:NOCR, OTC:NOCRF, Frankfurt: 03E) is pleased to announce that it has closed its previously announced acquisition (the “Transaction”) of 100% of the issued and outstanding securities of Domestic Copper Corporation (“Domestic Copper”) and the concurrent non-brokered private placement (the “Private Placement”). In connection with the Transaction, a Share Exchange Agreement was entered into among the Company, Domestic Copper and shareholders of Domestic Copper. A copy of the agreement is available under the Company’s SEDAR+ profile at www.sedarplus.ca. The Transaction has resulted in the Company’s acquisition of the right to acquire an up to 60% interest (subject to certain back-in rights) in the Smart Creek copper-gold porphyry project, located approximately 16 kilometers north of Philipsburg, Montana (the “Property”). Patricio Varas, Chairman and CEO of Norden Crown, stated: “The closing of the acquisition and concurrent private placement is an important step in preparing the Company for the industry-anticipated shift to robust copper and gold markets. We believe that copper and gold commodities will lead a resurgence in mineral exploration in light of globally declining mine grades and an increase in demand for copper driven by an expanding middle class and pressure from the growing EV automotive industry.” Mr. Varas further stated: “This transaction provides Norden Crown with the opportunity to explore the Smart Creek copper-gold porphyry project, with a focus on its high-potential copper and gold targets, typically reserved for major mining companies, and to leverage the combined economic geological experience of the Rio Tinto and Norden Crown technical teams with a shared vision to find a major bulk minable orebody.” Under the Transaction, 8,000,000 common shares of the Company were issued to the shareholders of Domestic Copper in exchange for 3,000,000 common shares of Domestic Copper, at a deemed price of $0.05 per share. Under the Private Placement, 12,200,000 common shares of the Company were issued at $0.05 per share for total gross proceeds to the Company of $610,000. No finder’s fees were paid in connection with the Private Placement. All securities issued under the Private Placemen...