VANCOUVER, BC / ACCESSWIRE / June 15, 2021 / Universal Copper Ltd. (“Universal Copper” or the “Company”) (TSXV: UNV) (Frankfurt: 3TA1) is pleased to announce that it has increased its land position around its poplar copper project by signing a purchase agreement (the “Purchase agreement“) to acquire 100% of the issued and outstanding shares of Poplar Copper Corporation (“Poplar Copper“).
Poplar Copper’s is a contiguous 18,000 hectare claim block that surrounds the Company’s flagship project, the 39,000 hectare Poplar Copper Project (the “Poplar”), located southwest of Houston, British Columbia, bringing its land holdings in the region to a total of 57,000 hectares,
Conditions of the purchase contract
The purchase agreement will allow the Company to acquire 100% of the issued and outstanding shares of Poplar Copper Corporation in consideration for the issuance of 10,000,000 common shares of Universal Copper. The Purchase Agreement is subject to all regulatory approvals, including the approval of the TSX Venture Exchange (“TSXV”).
Change of directors
The Company is pleased to announce the appointment of Mr. Ian Harris to the Company’s Board of Directors and Audit Committee. The resignation of Mr. Wes Pomeroy as director and member of the audit committee has been accepted. The Company is grateful to Mr. Pomeroy for his many years of service to the Company and wishes him the best in his future endeavors.
Mr. Harris is a mining engineer with over 20 years of experience advancing and managing mining projects around the world, including over 10 years working and living in South America. Previously, he was CEO of AMAK Mining and Para Resources. Mr. Harris also served as senior vice president and country manager of Corriente Resources for feasibility, initial engineering and commencement of construction at the Mirador mine in Ecuador. He successfully led efforts to reactivate Corriente’s mining projects in Ecuador by bolstering national and local support and navigating through a new constitution and mining law, leading to the sale of Corriente for $ 690 million. Mr. Harris is bilingual in Spanish and English.
In addition, Universal Copper is pleased to announce a non-middleman private placement for aggregate gross proceeds of up to C $ 1,270,000 (the “Private placement“) by issuing a maximum of 7,750,000 shares of the Company (each a”Unit“) at a price of CA $ 0.10 per unit totaling CA $ 775,000 with a full warrant at a price of CA $ 0.14 for two years and up to 4,500,000 flow-through units (FTU) at 0.11 CA $ per FTU totaling CA $ 495,000. Each FTU consists of one common share (one flow-through share) and one warrant at $ 0.14 per common share (which is not a flow-through share) for two years from closing The proceeds of the private placement will be used for exploration expenses on Poplar, for accounts payable and for general working capital requirements.
CEO and Chairman of Clive Massey Universal Copper commented, “We are extremely pleased with our recent accomplishments, especially to have someone with a mining pedigree and an engineer like Mr. Harris joining our board. He will be an excellent source of advice as the Company advances the poplar. With the increase in our land position in Poplar, this will add significant value for our shareholders, and the Private Placement capital will allow us to continue to develop our flagship project. These are important steps as the Company evolves from an exploration company to a mining company. We welcome Ian and look forward to his valuable contribution as a new member of our Board of Directors.
About universal copper
Universal Copper Ltd. is a Canadian copper exploration company focused on the acquisition and exploration of copper properties. The Company’s management team has many years of experience in the exploration, finance and effective management of public companies. Universal’s current goal is to advance the Poplar Copper Project, one of the most advanced pre-production copper projects in British Columbia with a historic 43-101 resource.
For more information, please visit the Company’s website at www.universalcuivre.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President and CEO
For more information, please contact:
Telephone: (604) 341-6870
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain statements which may be considered “forward-looking” statements. Forward-looking statements are statements which are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends to”. “,” Estimate “,” plans “,” potential “and similar expressions, or that events or conditions” will “,” would “,” could “,” could “or” should “occur. Although Universal Copper Ltd. Believe that the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those of forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the management of Universal Copper Ltd. on the date the declarations are made. Unless required by law, Universal Copper Ltd. does not undertake to update these forward-looking statements in the event that the beliefs, estimates or opinions of management, or other factors, should change.
SOURCE: Universal Copper Ltd.
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