- Copper Road Resources is set to sell its Copper Road project in Ontario to Sterling Metals and its subsidiary 100797918 Ontario Inc.
- The sale of the property includes two past-producing copper mines, the Tribag Mine and the Coppercorp Mine
- The project has several confirmed areas of mineralization with each zone including multiple underexplored mineralized breccia pipes
- Shares of Copper Road Resources are unchanged at C$0.045 and are down 20 per cent year-to-date
Copper Road Resources (TSXV:CRD) is gearing up to offload its Copper Road Project in Batchewana Bay, Ontario.
In a news release, the Toronto-based company stated the property will be sold to Sterling Metals (TSXV:SAG) and its subsidiary 100797918 Ontario Inc., pending shareholder approval.
The sale of the Copper Road Project, which spans 24,000 hectares, includes two past-producing copper mines on the property – the Tribag Mine and the Coppercorp Mine – while the project overall has several confirmed zones of mineralization.
“This transaction not only provides immediate capital but also brings forth dedicated technical expertise crucial for advancing the Copper Road Project swiftly,” Mark Goodman, chairman of Copper Road Resources, said in a statement. “Additionally, with the project in a larger portfolio, we have multiple opportunities for discovery and advancement in tier 1 jurisdictions.”
Under the terms of the agreement, Sterling Metals will acquire 100797918 Ontario Inc., which will hold the project before the transaction is completed in consideration of issuing Copper Road Resouces’ shares.
Copper Road Resources shares will be issued in the capital of Sterling Meals equal to 49 per cent of the issued and outstanding Sterling shares with aggregate cash payments of $460,000 to Copper Road Resources.
Payment will include $200,000 upon the execution of the agreement while the remaining $260,000 will be payable upon the transaction’s closing.
The transaction, which has been approved by Copper Road’s board of directors, will require the approval of the company’s shareholders. As such, the transaction will be voted on at a special meeting of shareholders of Copper Road in Q2 2024.
Sterling is a mineral exploration company focused on large-scale and high-grade Canadian exploration opportunities.
Copper Road Resources is focused on the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
Shares of Copper Road Resources are unchanged at C$0.045 and are down 20 per cent year-to-date.
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