Alta Copper Corp T.ATCU

FORTESCUE METALS CONTINUES TO INVEST IN ALTA COPPER ATCU

[bigmoney14]

More good news for Alta Copper from their largest shareholder Fortescue Metals and at a 45% premium to market!  It's a sure endorsement of what is going to happen in the future.

"Nascent Copper Exploration Pty Ltd" 

"Fortescue Copper Ltd"

A future name change is a natural evolution of Alta Copper, they have too much economical copper to ignore and will get even bigger.



Alta Copper Announces Fortescue Metals Exercises Pre-Emptive Right

2023-10-17 13:36 ET - News Release

VANCOUVER, British Columbia, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Alta Copper Corp. (TSX: ATCU; OTCQX: ATCUF; BVL: ATCU) (“Alta Copper” or the “Company”) is pleased to announce that Fortescue Metals Group Ltd. (“Fortescue Metals”), has exercised their pre-emptive right to maintain their shareholder’s interest.

As previously announced by the Company on October 11, 2023, the Company arranged a Private Placement to raise gross proceeds of $766,645 through the issuance of 1,533,290 Common Shares at a premium to market purchase price of $0.50 per Common Share.

As a result of the private placement Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Metals has exercised their pre-emptive right to subscribe for 535,000 Common Shares at a purchase price of $0.50 per Common Share for a total purchase price of $267,500 to maintain their shareholder’s interest at 25.4%.

A total of 2,068,290 Common Shares will be issued for gross proceeds of $1,034,145 with closing of the private placement subject to final approval of the Toronto Stock Exchange which is expected to occur on or before November 23, 2023. The common shares will be subject to a mandatory hold period ending four months and one day after issuance, in accordance with applicable securities law. There will be no warrants included in this private placement.

Joanne Freeze, CEO & President of Alta Copper commented: “This private placement represents a significant premium of plus 45% to the market close on October 16, 2023, while continuing to demonstrate third-party endorsement of the investment merits of Alta Copper. Furthermore, we welcome the ongoing and continued support of our largest shareholder Fortescue Metals.”

The Company will use the proceeds of the Private Placement for working capital, ongoing community initiatives as well as engineering work related to the Optimized Preliminary Economic Assessment currently underway.

About Alta Copper
Alta Copper is focused on the development of its 100% owned Caariaco advanced staged copper project. Caariaco comprises 97 square km of highly prospective land located 150 km northeast of the City of Chiclayo, Peru, which include the Caariaco Norte deposit, Caariaco Sur deposit and Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru’s prolific mining district. Caariaco is one of the largest copper deposits in the Americas not held by a major.

[rrr1982]

is it thaught? fortescue seem to be taking bit by bit at very low price. Didnt they have 10 millions usd gave by fortescue for 19% of the buisness? they have not spent that money in any meaningfullway that reflect in share price. I would like to understand and be positive about it since i have been a long time shareholder and i want to make money, but this seem more and more like a slow takeover.

[eartotheground]

From what I understand Fortescue has chosen to maintain their 25.4% in Alta Copper by using their preemptive right to do so. This to me is a clear signal that they are in it and want it, they are not in it for the trade, they are in it for the copper Alta owns. Going any higher than the 25.4% is going to require a vote by the shareholders so the notion that they are going to slowly takeover is not

[swpb]

Yes Nascent is dlowly buying majority of candente/Alta. The takeover will probably be $1.00 which is 25 cent pre split. Fortescue did the same thing an Ontario copper company 2 years ago. Bad news

[eartotheground]

$85 million is $1.00, new management will never accept that ridiculous amount and it is laughable to even suggest it. If you actually believe what you are saying then please sell your shares and take the loss as there are investors waiting. Boggles the mind how many investors put out useless rhetoric with zero facts.

[swpb]

Wyloo (owned by Andrew Forrest owner of Fortesque) takes over Noront Resources for $600milion. I think for $1.00 a share may 2022. They have done this before. Candente/Alta copper is next.

[eartotheground]

Yes they bought out Noront for $616 million. "Noront shareholders approve sale to Wyloo Metals $616.9-million Ring of Fire deal...Shareholders voted 98.92 per cent in favour of the $616.9-million deal during a special shareholders meeting on March 15, 2022 " If they bought ATCU for $616 million it equals $7.25/share ATCU will NEVER agree to only $85 million, NEVER!! $300 Million at

[swpb]

$3.50 is 88 cents pre split. That's highway robbery imo. Other mines have sold for 5-7 cents per pound of cu. 20billion pounds is $1billion at 5 cents. Yes 600million for dnt/Alta would be fine with me and it is still a bargain for the vultures at Fortesque.  Hopefully Alta mgmt won't sell the farm for peanuts.

[eartotheground]

IMO it’s best not to look at it from a share price perspective but instead a valuation or market cap perspective. Canariaco is worth at least $350 million which is $4.12/share based on 85 million shares. That is 12x from the current share price. Regardless of the share price, a company will have to pay a valuation amount for the project. If you take the Noront example which fetched $600+ million