The Prospector News

Copper One Agrees to Sell Lone Mountain and Other U.S. Properties to Cornerstone Metals

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Copper One Agrees to Sell Lone Mountain and Other U.S. Properties to Cornerstone Metals

 

 

 

 

 

Copper One Inc. (TSX VENTURE:CUO) has entered into a definitive agreement to sell all of the shares of its wholly-owned subsidiary, Copper One USA, Inc. to Cornerstone Metals Inc. Copper One USA owns the Lone Mountain and Mimbres properties in New Mexico and the West Jerome, Twin Peaks, West Safford and Teague Springs properties in Arizona.
 

Under the terms of the Agreement, Copper One will receive 2,250,000 Cornerstone common shares on the closing date of the sale, plus the following additional consideration tied to specific properties:

 

 



--  Within 30 days of completing a feasibility study in respect of the Lone
    Mountain property, Cornerstone will (a) issue to Copper One 2,000,000
    Cornerstone common shares; (b) pay to Copper One $1,000,000 in cash or
    shares at Copper One's option; and (c) grant to Copper One a 0.5% net
    smelter return royalty capped at $5,000,000, which may be repurchased by
    Cornerstone for $1,000,000 in cash or shares at Copper One's option at
    any time up until the earlier of eight years following the date of the
    Agreement and the date on which commercial production is achieved in
    respect of the Lone Mountain property.

--  Within 30 days of completing a feasibility study in respect of the West
    Jerome property, Cornerstone will: (a) issue to Copper One 500,000
    Cornerstone common shares; (b) pay to Copper One $750,000 in cash or
    shares at Copper One's option; and (c) grant to Copper One a 0.5% net
    smelter return royalty capped at $4,000,000, which may be repurchased by
    Cornerstone for $800,000 in cash or shares at Copper One's option at any
    time up until the earlier of eight years following the date of the
    Agreement and the date on which commercial production is achieved in
    respect of the West Jerome property.

--  Within 30 days of completing a feasibility study in respect of any of
    the other properties, Cornerstone will: (a) issue to Copper One 350,000
    Cornerstone common shares; (b) pay to Copper One $375,000 in cash or
    shares at Copper One's option; and (c) grant to Copper One a 0.5% net
    smelter return royalty capped at $3,000,000, which may be repurchased by
    Cornerstone for $350,000 in cash or shares at Copper One's option at any
    time up until the earlier of eight years following the date of the
    Agreement and the date on which commercial production is achieved in
    respect of such property.
 

 

 

750,000 of the 2,250,000 Cornerstone shares issued to Copper One on the closing date of the sale will be subject to a voluntary 12-month hold period.
 

The Agreement remains subject to certain customary closing conditions, including the approval of the TSX Venture Exchange.
 

Benoit Moreau, President and Chief Executive Officer of Copper One stated: “After selling its assets in the United States, Copper One will focus on advancing the Riviere Dore copper-nickel and Queylus copper-gold projects. Copper One thanks all of the contractors, consultants and employees who assisted the Company with exploring and developing its properties in the United States.”
 

About Copper One Inc.

 

Copper One is focused on developing high-value copper deposits in leading mining jurisdictions. The Company is led by a diverse team of explorers, developers and operators with major company experience and a clear understanding of the business of mining. The Copper One portfolio includes the Riviere Dore copper-nickel project, located near Val d’Or, Quebec, and the Queylus copper-gold project, located in the Chibougamau mining district in Quebec.

Posted July 29, 2013

Share this news article

MORE or "UNCATEGORIZED"


Aya Gold & Silver Intercepts 1,299 g/t Ag over 15m and Continues to Expand Zgounder at Depth

Aya Gold & Silver Inc. (TSX: AYA) is pleased to announce hig... READ MORE

September 21, 2021

IAMGOLD Reports Positive Assay Results from the 2021 Resource Delineation Drilling on the Gosselin Zone and Continues to Extend the Mineralized System - Côté Gold Project, Ontario

IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) is pleased to announce... READ MORE

September 21, 2021

Troilus Drills 4.40 g/t AuEq Over 12 Metres Within a Broader Intersection of 2.10 g/t Over 31 Metres in the J Zone; Confirms +50 Metre Down Dip Mineral Extension

Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) reports additional r... READ MORE

September 21, 2021

Thor Explorations Announces Exercise of Warrants

Thor Explorations Ltd. (TSX-V: THX) (AIM: THX) announces the exer... READ MORE

September 21, 2021

Tarachi Announces Drill Results from San Javier Concession in Sonora, Mexico

Tarachi Announces Drill Results from San Javier Concession in Son... READ MORE

September 21, 2021

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2021 The Prospector News