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Alta Copper Corp T.ATCU

Alternate Symbol(s):  ATCUF

Alta Copper Corp. is a Canada-based copper developer, which is engaged in the acquisition, exploration and development of mineral rights interests. The Company is focused on the development of its 100% owned Canariaco advanced staged copper project. The Canariaco Copper Project is an advanced stage porphyry copper exploration and development project located in Northern Peru. Canariaco comprises about 97 square kilometers of highly prospective land located about 102 kilometers (km) northeast of the City of Chiclayo, Peru, which includes the advanced stage Canariaco Norte deposit, Canariaco Sur deposit and Quebrada Verde prospect, all within a four km NE-SW trend in northern Peru’s mining district. The Company also holds other earlier stage base metal properties located in Peru and Canada. Its other projects include Don Gregorio property, Arikepay Copper-Gold Porphyry Discovery, and Canyon Creek property. Don Gregorio property is a copper-gold porphyry target located in northern Peru.


TSX:ATCU - Post by User

Post by swpbon Dec 24, 2023 10:37am
235 Views
Post# 35799670

The perfect storm

The perfect stormI  understand the $600million hopeful sale of Alta resource to fortescue assuming the PEA is good, sssuming the copper price is maintained, assuming Fortescue is willing to pay $600million. 

The fact is Bonafacio has had a history of selling companies and then retiring, 3 of the directors are aligned with Fortescue, I am not sure if Freeze and Waller have the energy or stamina to perist after 20 years of struggling to succeed, Bonafacio has publicly stated his minimum price for Alta is $1 per share ($100minillion),  Alta is in dire straits financially, the only suiter being Fortescue which has doubled its share count of Alta from 16% to 31% in the last year, Bonafacio has removed the large shareholder control of Alta by reverse consolidation of shares (4 to 1) and allowing Fortescue to double their share count for 50cents  fostering the drive to 51% control and finally Alta has quietly dissolved the Shareholder Rights (poison pill) that would prevent a ridiculous sale of $1 share to fortescue. Once at 51% with control its legally "check mate". The is big business Fortescue is not going to pay what the company may be worth if they legally control the sale price. Would you?

The dissolving of Shareholder Rights with no mention and destroying Shareholder control with the consolidation is the oldest trick in the book and it was easy with the tired and desperate condition of Candente.
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