The Prospector News

COPPERBANK CLOSES ACQUISITION OF REDHAWK RESOURCES

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

COPPERBANK CLOSES ACQUISITION OF REDHAWK RESOURCES

 

 

 

 

 

COPPERBANK RESOURCES CORP. (CSE: CBK) is pleased to announce it has closed the acquisition of Redhawk Resources, Inc. (TSX-V: RDK.H).

 

 

Watch Audio Presentation Here

 

CopperBank’s acquisition of Redhawk and its Copper Creek Project located in Arizona, represents a further continuation of the Company’s copper consolidation business model and increases the Company’s portfolio of copper development projects in the United States to four. The acquisition was effected by way of a plan of arrangement completed under the Business Corporations Act (British Columbia) that became effective at 12:01am today, wherein CopperBank acquired all of the issued and outstanding shares of Redhawk in consideration for the issuance to each Redhawk shareholder of approximately 0.929 common shares of CopperBank for each Redhawk common share held.  

 

 

Giulio T. Bonifacio, President & CEO of CopperBank, commented, “This Transaction is consistent with our consolidation strategy of making accretive acquisitions of advanced stage projects in mining-friendly jurisdictions that possess significant resources with considerable exploration upside. Copper Creek’s large land package has not yet been fully explored and remains open in all directions with several drill ready targets to be tested. On behalf of the Company, we welcome Redhawk shareholders into CopperBank and we look forward to advancing our business model together for the benefit of all shareholders.” 

 

 

In connection with closing of the Transaction, CopperBank is also pleased to welcome Steve Bastable to the board of directors of CopperBank. Mr. Bastable, as a former director of Redhawk, will provide continuity to Redhawk shareholders and allow for a smooth integration of the Copper Creek project into CopperBank’s suite of assets. Mr. Bastable has over 35 years of experience in the equity finance markets, including as Partner of the Vancouver-based brokerage firm Bolder Investment Partners Ltd., and was formerly a Director of Institutional Equities with CIBC Wood Gundy.

 

 

The special resolution of Redhawk approving the arrangement was approved by 99.98 per cent of the votes cast by all shareholders of Redhawk and by 99.97 per cent of disinterested shareholders. Approval was required from at least two-thirds of the votes cast on the arrangement resolution by shareholders, plus a simple majority of disinterested shareholders, voting either in person or by proxy. Redhawk is now a wholly owned subsidiary of CopperBank.  It is expected that the common shares of Redhawk will be de-listed from the NEX board of the TSX Venture Exchange on September 4, 2018.

 

 

A total of 66,047,090 CopperBank Shares have been issued to the shareholders of Redhawk, representing 25% of the outstanding CopperBank Shares on a post-Transaction basis.  After giving effect to the foregoing issuances, an aggregate of 264,506,021 CopperBank Shares will be outstanding.  

 

 

With the completion of the Transaction, CopperBank now holds an advanced portfolio of copper development assets located in the United States, including the Contact Copper project in Nevada, the Pyramid and San Diego Bay projects in Alaska, and the Copper Creek project in Arizona, each within supportive communities in mining friendly jurisdictions with a long-standing history of mining.  The newly acquired Copper Creek copper-molybdenum project consists of approximately 16 square miles of contiguous patented and unpatented mining claims and state prospecting permits, proximal to significant existing mining projects in state.  The Transaction positions CopperBank as the premier copper optionality company with a strong pipeline of growth-oriented assets during a time of encouraging supply and demand fundamentals.

 

 

Full details of the Transaction are included in a management information circular dated July 10, 2018, which was filed by Redhawk with regulatory authorities and is available on SEDAR under Redhawk’s profile.  

 

 

Advisors and Counsel

 

 

Haywood Securities Inc. has acted as financial advisor and Maxis Law Corporation has acted as legal counsel to CopperBank.

 

Posted September 4, 2018

Share this news article

MORE or "UNCATEGORIZED"


Canarc Resource Options Its Fondaway Canyon and Dixie Comstock Properties in Nevada to Getchell Gold

Canarc Resource Corp. (TSX:CCM) (OTCQB:CRCUF) (Frankfurt:CAN) ann... READ MORE

October 17, 2019

Infill Drilling at San Albino Intersects 59.48 g/t Gold Over 2.1 Meters (estimated True Width) Five Meters from Surface

Mako Mining Corp. (TSX-V: MKO) is pleased to report further posit... READ MORE

October 17, 2019

Surge Acquires an Option to Purchase a 100% Interest in a Polymetallic Silver, Copper, Lead, Zinc Deposit in British Columbia Canada

Surge Exploration Inc. (TSX-V: SUR) (OTC: SURJF) (FRA: DJ5C... READ MORE

October 17, 2019

Fiore Gold Meets Full Year 2019 Production Guidance

FIORE GOLD LTD. (TSX-V: F) (OTCQB: FIOGF) is pleased to announce ... READ MORE

October 17, 2019

Marathon Gold Reports Additional Drill Results from Marathon Deposit at Valentine Gold Project, NL

Marathon Gold Corporation (TSX: MOZ) is pleased to report an addi... READ MORE

October 17, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions