VANCOUVER, British Columbia, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Granite Creek Copper Ltd. (TSX.V: GCX) (“Granite Creek”) announces that it has entered into an agreement to acquire 26,146,233 common shares of Copper North Mining Corp. (TSX.V: COL) ("Copper North"), representing approximately 30% of the outstanding Copper North shares, in consideration for 10,529,663 common shares of Granite Creek.
The Copper North shares are being acquired pursuant to the “private agreement exemption” of applicable securities laws. Granite Creek is entitled to rely on the exemption because the shares will be acquired from not more than five vendors and the value of the consideration payable for the Copper North shares is not greater than 115% of the market price of the shares (determined in accordance with applicable securities laws).
Tim Johnson, Granite Creek CEO stated: “We believe this acquisition will be accretive to Granite Creek shareholders as the adjoining claim blocks of both companies share many synergies including common geology, infrastructure and expanded exploration potential. We look forward to delivering more information about this acquisition and the on-going results from Granite Creek’s recent exploration programs in the Minto Copper District, over the ensuing weeks and months.”
The acquisition is subject to customary closing conditions.
About Granite Creek Copper
Granite Creek is a Canadian exploration company focused on the 100%-owned Stu Copper-Gold project located in the Yukon's Minto Copper District. This 115 square kilometer property is on trend with Pembridge Resources' high-grade Minto Copper-Gold Mine to the north and Copper North's advanced-stage Carmacks Copper-Gold-Silver project to the south. The Stu project has excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek and the Stu Copper-Gold Project can be viewed on the Company's website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
|Timothy Johnson, President & CEO|
|Telephone:||1 (604) 235-1982|
|Toll Free:||1 (888) 361-3494|
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements relating to completion of the acquisition, its timing and the potential synergies and benefits thereof, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the Company's ability to obtain regulatory approval and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.