Business
Alpha Copper Completes Acquisition of Cavu Energy Metals
VANCOUVER, British Columbia, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FSE: PP0) (“Alpha”) and CAVU Energy Metals Corp. (CS
About this update from Star Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FSE: PP0) (“Alpha”) and CAVU Energy Metals Corp. (CSE: CAVU) (OTC:CAVVF) (FSE: 5EO) (“CAVU”) are pleased to announce the successful completion of the previously announced acquisition of all of the issued and outstanding common shares of CAVU (the “CAVU Shares”) by Alpha pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”). Darryl Jones, President, CEO and Director of Alpha stated: “We are excited to close this Transaction and thank CAVU shareholders for showing immense support in favour of the merger. We are excited to progress exploration work on the Star and Hopper assets in 2023 and will be updating shareholders on these deliverables in the new year.” Danny Matthews, co-founder of CAVU and incoming Director of Alpha stated: “We would like to thank our shareholders, technical team, and all other stakeholders in their overwhelming support for this transaction. We believe this transaction will result in a larger, better capitalized, and overall stronger company. In particular, we would like to thank CAVU CEO, Dr. Jacob (Jaap) Verbaas, who was instrumental in overseeing the growth and success of CAVU from inception to a multi-asset copper exploration company.” Dr. Luke Bickerton, incoming VP Exploration of Alpha stated: “The four drill-ready assets in Alpha’s portfolio are all stellar copper projects. We are looking forward in particular to drilling the Star Project in 2023. The Star Project is the newest and most de-risked project in the portfolio and is fully permitted for drilling until 2026.” Details of the Transaction Pursuant to the Transaction, each holder of CAVU Shares (a “CAVU Shareholder” and, collectively, the “CAVU Shareholders”) received 0.7 of a common share of Alpha (each whole common share an “Alpha Share”) for each CAVU Share held (the “Consideration”). As a result of the Transaction, Alpha issued an aggregate of 25,485,016 Alpha Shares, resulting in the existing Alpha and former CAVU shareholders owning approximately 69.5% and 30.5%, respectively, of the Alpha Shares outstanding, on a non-diluted basis. As part of the Transaction, all outstanding options of CAVU will vest immediately and be exchanged for the number of options to purchase A...