Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Copperhead Resources Inc. (CSE: CUH) ("Copperhead" or the "Company") announces that it has entered into an amendment (the "Amendment") to the Letter Agreement between the Company and Romios Gold Resources Inc. (the "Optionor") dated April 6, 2022, pursuant to which Copperhead can acquire a 75% ownership interest in the Red Line Project (the "Project"). Pursuant to the Amendment, the Company must satisfy the following obligations to acquire a 75% interest in the Project:
Exploration Expenditures: The Company must spend a further CAD$200,000 in exploration on the Project (an aggregate of $175,000 has been spent on the Project to date) as follows:
(i) C$100,000 on or before September 30, 2025; and
(ii) C$100,000 on or before September 30, 2026.
Share Payments: The Company must issue a further 500,000 common shares to the Optionor on or before June 30, 2026 (1 million common shares have been issued to the Optionor to date).
Cash Payment: The Company must pay CAD $75,000 in cash to the Optionor on or before June 30, 2026.
As consideration for entering into the Amendment, Copperhead will issue 300,000 common shares to the Optionor. These common shares will be subject to a 12-month voluntary lock-up period, with an automatic early release if Copperhead's common shares trade at or above CAD $0.50 over a 10-day volume-weighted average price.
About Copperhead Resources Inc.
Copperhead Resources Inc. is a mineral resource company engaged in the business of acquiring and exploring mineral resource properties. The Company's principal objective is to locate and develop precious metals, focusing initially on the exploration and development of the Red Line Project, the Company's sole mineral exploration project located in British Columbia, Canada. The Company has acquired the option to acquire a 75% undivided right, title, and interest in and to the Red Line Project pursuant to an option agreement. From time to time the Company may also evaluate and acquire other mineral properties of merit, containing a variety of metals and minerals and located in a variety of geographical jurisdictions.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements, including those relating to the Amendment and acquiring and exploring the Red Line Project. These statements are based on numerous assumptions regarding the Amendment that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: the exploration potential of the Project; risks inherent in mineral exploration activities; mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties; the risk that the Company will not be able to raise sufficient funds to carry out its business plans; volatility in financial markets, economic conditions, and precious metals prices; regulatory approval processes; and those other risks described in the Company's continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulation services provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237042
