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Canadian Critical Minerals Inc. Completes Sale of Controlling Interest in Thierry Copper Mine
Calgary, Alberta--(Newsfile Corp. - October 31, 2023) - Canadian Critical Minerals Inc. (TSXV: C...
About this update from Orecap Invest Corp
[{"type":"text","content":"Canadian Critical Minerals Inc. Completes Sale of Controlling Interest in Thierry Copper MineCalgary, Alberta--(Newsfile Corp. - October 31, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) (\"CCMI\" or the \"Company\") hereby announces that it has completed the sale of a controlling interest in its private subsidiary company Cuprum Corp. (formerly Pickle Lake Minerals Inc.) (\"Cuprum\") which holds a 100% interest in the Thierry Copper Mine (\"Thierry\"), located in Pickle Lake, Ontario to Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (\"Orecap\"). CCMI retains a 39% interest in Cuprum.Terms of the AcquisitionOrecap has acquired a 45% interest in Cuprum for $1,350,000 in an upfront all-cash deal. CCMI will receive 3,000,000 share purchase warrants of Cuprum with the following terms: 1,000,000 warrants with an exercise price of $0.10 per common share of Cuprum and exercisable for a period of one year from closing of the transaction (\"Closing Date\"), 1,000,000 warrants with an exercise price of $0.15 per common share of Cuprum and exercisable for a period of two years from Closing Date, and 1,000,000 warrants with an exercise price of $0.20 per common share of Cuprum and exercisable for a period of three years from Closing Date. Additionally, CCMI is entitled to receive milestone payments from Cuprum of $500,000 should the current near surface NI 43-101 Resource at Thierry be increased to 100 million tonnes and/or 1.0 billion lbs of copper and an additional $250,000 should the current near surface NI-43-101 Resource at Thierry be increased to 150 million tonnes and/or 1.5 billion lbs of copper.QC Copper has acquired a 10% interest in Cuprum for $300,000 in an upfront all-cash deal.Ocean Partners UK (\"Ocean\") has acquired a 6% interest in Cuprum. Cash proceeds from Orecap has been used to discharge a US$1.0 million loan with Ocean that was secured against the assets of CCMI's Bull River Mine in British Columbia.Rationale for the Sale of a Controlling Interest in ThierryProceeds from the sale of a 61% interest in Cuprum provided the Company with sufficient cash to discharge the secured loan at Bull River and eliminate future interest payments to Ocean.The sale is non-dilutive to CCMI shareholders and will allow the Company to focus on advancing its flagship Bull River Mine project through the permi...