American Copper Development Corporation Reduces Property Purchase Liabilities by $4.6M or 90%
American Copper Development (ACDXF) successfully renegotiated terms with Waterton Nevada Splitter , reducing property purchase liabilities by $4.6M or 90%. The company now owes CAD$400,000 by August 2025, down from CAD$5,000,000. Waterton received CAD$625,000 and 1,564,823 shares in exchange. Rick van Nieuwenhuyse, Chairman, sees this as a major step towards owning the Lordsburg district outright, highlighting exciting exploration opportunities amidst a Copper bull-market. The amended terms include payments of CAD$625,000, issuance of 1,546,823 shares, CAD$50,000 due in August 2024, and a final payment of CAD$350,000 in August 2025.
Reducing liabilities by $4.6M or 90% enhances the company's financial position.
Ownership of Lordsburg district brings potential for exploration and value creation.
Renewed interest in property expected amid Copper bull-market.
Access to infrastructure like highway I-10, labor, water, and power at Lordsburg property.
Issuing shares can dilute existing shareholders' ownership.
CAD$50,000 payment due in August 2024 and final payment of CAD$350,000 in August 2025 may impact cash flow.
Potential risks associated with exploration activities in the Lordsburg district.
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - American Copper Development Corporation (CSE: ACDX) (OTCQB: ACDXF) ("ACDC" or the "Company") reports that it has renegotiated the terms with Waterton Nevada Splitter LLC for the purchase of the Lordsburg Property. The Company now has reduced its liabilities to Waterton from CAD
Rick van Nieuwenhuyse, Chairman comments: "This is a significant accomplishment for our Company to be a big step closer to owning the Lordsburg district
Details on the amendment of terms:
New terms for the property purchase are a payment of CAD
For comparison purposes under the previous agreement the Company was to make the following payments CAD
Qualified Person
Mark Osterberg, P.Geo., Senior Geologist/Project Manager for the Company and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release.
About the Company
The Company is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Lordsburg Property.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
American Copper Development Corporation
For further information, please contact:
Daniel Schieber
Chief Executive Officer and Director
Phone: (778) 372-9888
Email: invest@american-copper.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking information" under applicable Canadian securities legislation. Forward-looking information involves risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information is necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking information. Accordingly, the forward-looking information discussed in this release, may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting ACDC. Although ACDC believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on this information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, ACDC disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208348
FAQ
What was the reduction in property purchase liabilities for American Copper Development ?
American Copper Development reduced property purchase liabilities by $4.6M or 90%.
What are the new terms for the property purchase with Waterton Nevada Splitter ?
The new terms include a payment of CAD$625,000, issuance of 1,546,823 shares, CAD$50,000 due in August 2024, and a final payment of CAD$350,000 in August 2025.
Who is the Chairman of American Copper Development ?
The Chairman of American Copper Development is Rick van Nieuwenhuyse.
What type of mineralization is present at the Lordsburg property?
The Lordsburg property has surface expressions of Copper/Gold mineralization and a porphyry target for exploration.
What infrastructure advantages does the Lordsburg property offer?
The Lordsburg property has access to highway I-10, labor, water, and power.
