Alpha Copper Announces Definitive Agreement to Acquire Okeover Project

Rhea-AI Summary

Alpha Copper Corp. to acquire Okeover Copper Project for $500,000 in common shares

Positive

• Alpha Copper Corp. has entered into a definitive agreement to acquire a 100% interest in the Okeover Copper Project
• The company will issue common shares with an aggregate value of $500,000 to the Seller
• The Seller has granted a 2% net smelter returns royalty on the project

Negative

• Closing of the acquisition is subject to various closing conditions and regulatory approvals

VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0) (“Alpha Copper” or the “Company”), a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition, is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Northwest Copper Corp. (the “Seller”), pursuant to which it proposes to acquire a 100% undivided legal and beneficial interest in the Okeover Copper (molybdenum) Project (the “Okeover Project”), which encompasses twelve (12) mineral claims comprising approximately 4,613 hectares located in the Province of British Columbia (the “Acquisition”).

Pursuant to the Agreement, the Company has agreed to issue to the Seller that number of common shares of the Company (the “Shares”) having an aggregate value of $500,000 at a deemed price per Share equal to the current market price, to be calculated in accordance with the terms of the Agreement. One-half (50%) of the Shares will be subject to a 12-month lock-up and the Seller has agreed not to sell, dispose of or otherwise transfer the Shares until released from lock-up. The Seller has granted the Company an irrevocable right of first refusal to repurchase the Shares should the Seller decide to sell them in the future. In addition, the Company granted to the Seller a 2% net smelter returns royalty on the Okeover Project (the “Royalty”) subject to the Company’s buyback option of one-half (1%) of the Royalty for an aggregate consideration of $1,000,000. The Shares will also be subject to a statutory hold period in accordance with applicable securities laws. Closing of the Acquisition remains subject to the satisfaction or waiver of various closing conditions, including the receipt of all necessary regulatory approvals, including acceptance by the Canadian Securities Exchange.

About Alpha Copper Corp. (CSE: ALCU) (OTC: ALCUF) (FWB: PP0)

Alpha Copper is focused on contributing to the green economy by finding and developing copper resource assets in stable jurisdictions. The Company is positioned to earn a 60-per-cent interest in the Indata copper-gold project located in north-central British Columbia. After the acquisition of Cavu Energy Metals, the Company holds an option to acquire 100% of the Star copper-gold porphyry project in the Golden Triangle of British Columbia, as well as an option to acquire up to 70% of the Hopper copper-gold porphyry project in the southern Dawson Range copper-gold belt of the southwestern Yukon, and further including the 100% owned Quesnel project in the middle of the Quesnel Trough, host to a number of alkalic copper-gold porphyry deposits running northwest across western British Columbia.

For more information visit https://alphacopper.com/.

On Behalf of the Board of Directors of Alpha

~Darryl Jones~

Darryl Jones
CEO, President & Director
Alpha Copper Corp.

Contact Alpha Copper

Invictus Investor Relations
+1 (604) 343.8661
walter@invictusir.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include but are not limited to market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.