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Orecap Completes Sale of Cuprum to XXIX Metal Corp.
Highlights:‎ Orecap's Portfolio company Cuprum acquired by XXIX Metal Corp. ‎in...
About this update from Orecap Invest Corp
[{"type":"text","content":"Orecap Completes Sale of Cuprum to XXIX Metal Corp.Highlights:‎Orecap's Portfolio company Cuprum acquired by XXIX Metal Corp. ‎in an all-share deal.Orecap's now owns 15.1% if XXIXXXIX becomes one of Eastern Canada's largest copper developer.Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the \"Company\" or \"Orecap\") is pleased to announce that its portfolio company, XXIX Metal Corp. (formerly QC Copper and Gold Inc‎.) ‎(\"XXIX\"), has acquired ‎100% of the issued and outstanding common shares (\"Cuprum Shares\") of Cuprum Corp. (\"Cuprum\")‎, establishing XXIX as one of Canada's largest copper resource developers, with two multi-billion-pound ‎copper deposits in Quebec and Ontario (the \"Transaction\").Pursuant to the Transaction, XXIX acquired all the issued and outstanding Cuprum Shares, including the ‎29,500,000‎ Cuprum Shares (37.5%) owned by Orecap, in consideration for the issuance of 1.1538 common shares of XXIX (\"XXIX Shares\") for each one ‎Cuprum Share, based on the XXIX Share price of $0.13. Prior to completion of the Transaction‎, Orecap owned 5,059,752 XXIX Shares (representing 2.9% of the outstanding XXIX Shares) and following the completion of the Transaction, Orecap owns ‎34,037,100 XXIX Shares (representing 15.1% of the outstanding XXIX Shares). Orecap: (i) acquired the XXIX Shares in ‎connection with the Transaction; (ii) holds the XXIX Shares for investment purposes; ‎and (iii) does not have any current intentions to increase or decrease its beneficial ownership or ‎control or direction over any additional securities of XXIX. Orecap may, from time to time and depending on market and other conditions, acquire ‎additional XXIX Shares through market transactions, private agreements, treasury issuances, ‎dividend reinvestment programs, exercise of options, convertible securities or otherwise, or may sell ‎all or some portion of the XXIX Shares its owns or controls, or may continue to hold the ‎ XXIX Shares.‎ An early warning report will be filed by ‎Orecap in accordance with applicable securities laws and will be ‎available on SEDAR+ at www.sedarplus.ca.‎Orecap's Current Equity Holdings include:Com...