Copper Road Resources is a Canadian based explorer engaged in the acquisition, exploration and evaluation of properties for the mining of precious and base metals.
Copper Road Completes Sale of the Copper Road Project. (Credit: FLY&I on Unsplash)
Further to its news releases dated February 14 and April 30, 2024, Copper Road Resources Inc. (TSXV: CRD, OTCQB: SAGGF) (“Copper Road” or the “Company”) is pleased to announce that it has completed the sale of its 100% interest in the 24,000-hectare Copper Road Project located in Batchewana Bay, Ontario to Sterling Metals Corp. (TSXV: SAG, OTCQB: SAGGF) (“Sterling”). Pursuant to the terms of a definitive share purchase agreement dated February 13, 2024 between the Company, Sterling and a wholly-owned subsidiary of the Company (the “Subsidiary”), Sterling acquired the Subsidiary, which holds the Copper Road Project, in consideration for: (i) the payment of $460,000 in cash; and (ii) and the issuance of an aggregate of 108,087,669 common shares of Sterling (the “Consideration Shares”), of which Copper Road retained 21,838,123 Consideration Shares, representing approximately 9.9% of the issued and outstanding common shares of Sterling. Computershare Investor Services Inc., the registrar and transfer agent for Sterling, commenced distribution of the remaining 86,249,546 Consideration Shares today to shareholders of Copper Road on pro rata basis (the “Distribution”).
Mark Goodman, Chairman of Copper Road stated, “on behalf of the board of directors of Copper Road, we are excited about our future prospects and the continued exposure to the Copper Road Project by both the Company and its shareholders through collective ownership interest in common shares of Sterling.” Following the completion of the sale of the Copper Road Project, the Company’s focus has shifted to its Mount Jamie North Property located in Red Lake, Ontario. The property consists of 30 mineral claims totaling 445 hectares located in Todd Township in the Red Lake Mining Division. Copper Road may also acquire other exploration projects of merit.
Pursuant to the requirements of the TSX Venture Exchange (“TSXV”), the common shares of Copper Road (the “Copper Road Shares”) will continue to remain halted until the completion of the Distribution to both registered and beneficial shareholders of the Company, which is expected to occur on or about May 20, 2024. Beneficial shareholders, being those holding their Copper Road Shares through brokerage accounts where their Copper Road Shares are held via CDS or other depositories should contact their brokers for further information regarding payment of the Distribution. Registered holders of Copper Road Shares entitled to the Distribution, being those holding Copper Road Shares in certified form or under the direct registration system (DRS), will receive Consideration Shares by way of DRS statements evidencing the Consideration Shares to which they are entitled under the Distribution.
Source: Company Press Release