You're kidding. $5.2MM and options??I can't believe these guys - anyone know they didn't own the friggin tailings facility?
And I loved how insiders granted themselves options at $1.40 for 5 friggin years.
Gawd, what a stinky news release...
Mr. Rod Shier reports
COPPER MOUNTAIN CLOSES PURCHASE OF TAILING MANAGEMENT FACILITY AREA FOR MINE
Copper Mountain Mining Corp. (CMMC) has now closed on an agreementwhereby the company will purchase 100 per cent of an independent British Columbia company that holdsthe tailings management facility that is located within the company's CopperMountain project area for cash payments totalling $5.2-million. Inclusive withthis purchase is the land and an existing $1.35-million reclamation bond. Onclosing, the company paid $3.2-million and granted a mortgage securing thebalance payable of $2-million due in July, 2009.
Mr. O'Rourke, chief executive officer of Copper Mountain, stated: "Thisacquisition of securing the tailings management facility area is anothersignificant step forward to secure the future of this mine for many years.Although our letter of intent provided a high confidence level, it is nice tobe able to finalize this purchase as it is one of the last critical itemsnecessary to meet our target production start-up at the end of 2010."
The company also has granted incentive stock optionspursuant to its stock option plan to directors, employees and consultants toacquire 1.04 million shares in the capital of the company at an exercise price of$1.40 per share for a term of five years expiring on Aug. 1, 2013. Theoptions will vest subject to the terms of the company's stock option plan.
We seek Safe Harbor.