Canadian Critical Minerals Inc. Sells Controlling Interest in Thierry Copper Mine
- Orecap Invest Corp. acquires 45% interest in Pickle Lake for $1.35 million. Proceeds used to discharge $1 million loan and focus on Bull River Mine project.
- None.
Calgary, Alberta--(Newsfile Corp. - October 4, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") hereby announces that it has sold controlling interest in its subsidiary company Pickle Lake Minerals Inc. ("Pickle Lake") which holds a
Terms of the Acquisition
Orecap will acquire a
Concurrently, QC Copper will acquire
Ocean Partners will acquire
Rationale for the Sale of a Controlling Interest in Thierry
- Proceeds from the sale of a
61% interest in Pickle Lake will provide the Company with sufficient cash to discharge the secured loan at Bull River and eliminate future interest payments to Ocean. - The sale is non-dilutive to CCMI shareholders and will allow the Company to focus on advancing its flagship Bull River Mine project through the permitting phase and on to production.
- CCMI will retain a significant interest in Pickle Lake and will not be required to continue to fund the property.
- The Thierry Copper Mine is one of the largest known copper deposits in Ontario. There is significant opportunity to increase the size of the current NI 43-101 near surface deposit. With the new investment from Orecap and QC Copper, the exploration activities at Pickle Lake can be increased beyond CCMI's current capability.
Closing of the transaction remains subject to final approval of the TSX Venture Exchange, as well as certain other conditions as are customary in transactions of this nature.
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About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalminerals.com
Website: www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
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