Carube Copper Corp. Reports on Annual Meeting
OTTAWA, ON / ACCESSWIRE / June 27, 2016 / Carube Copper Corp. (TSXV: CUC) is pleased to report on its Annual General and Special Meeting ("AGM") held in Carp, Ontario, on June 23, 2016. A total of 33,708,538 shares or 52% of the outstanding shares of the Company were represented at the meeting by proxy or in person. All of the matters submitted to the shareholders for approval as set forth in the Company's notice of meeting and information circular dated May 6, 2016, were approved by more than 97% of votes cast.
AGM Approvals
Alar Soever, Vern Rampton, Marz Kord, Jeffrey Ackert, Greg LeBlanc, and Mark Pfau were re-elected as directors. The appointment of PricewaterhouseCoopers LLP as auditors was confirmed unanimously.
As fully put forth and described in the Information Circular, the Stock Option Plan of the Company was approved by 99% of votes cast and the RSU/DSU Plan and the reservation for issuance of the maximum number of shares permitted under the plan were approved by 97% of the disinterested shareholders.
Officers and directors as of today remain:
- Mr. Alar Soever, P. Geol. Chairman of the Board, Independent Director
- Mr. Jeffrey Ackert, B.Sc. (Geology) President and Chief Executive Officer, Director
- Dr. Vern Rampton, Ph.D, P. Eng Executive Vice President of Corporate Development, Director
- Mr. John McNeice, C.A., CPA. Chief Financial Officer
- Mr. Chris Irwin, B.A., LL.B. Corporate Secretary and Counsel
- Mr. Darrell Munro, BB.A, LL.B Corporate Administrator
Increasing Shareholder Value
Mr. Jeffrey Ackert, President & CEO said: "To achieve our goal, Carube Copper continues with its strategy of joint venturing a number of our projects to large well-funded companies. This will minimize the development cost to Carube, minimize dilution of the company and maximize shareholder value."
Two Major Joint Ventures
OZ Minerals Ltd., Carube Copper's partner at the Bellas Gate Joint Venture in Jamaica has completed over $8M in expenditures to earn a 70% interest in the JV. OZ Minerals has elected to sole fund Phase 5 expenditures on the Bellas Gate Project. By funding Phase 5, which includes all work to the completion of a feasibility study, OZ Minerals will earn an additional 10% interest in the project. The initial work within the Phase 5 program will include close to 2,000 metres of drilling on four priority copper prospects as well as mapping, sampling and ground geophysics on these and other targets. At the Above Rocks Joint Venture, OZ Minerals has completed airborne geophysics and is advancing the Phase 1 Exploration program where $500,000 in expenditures will earn them a 40% interest. The initial work program will consist of mapping and sampling leading up to drilling a number of the high-priority target areas.
Five Wholly Owned Projects
Carube Copper holds a 100% interest in Main Ridge and Hungry Gully, two copper and gold projects totalling 80 square kilometres in Jamaica. In Canada, it holds a 100% interest in three porphyry copper-gold-molybdenum properties totalling 593 square kilometres in southwestern British Columbia. Exploration continues on these properties with the goal of joint-venturing them to larger exploration and mining companies. Carube Copper continues to seek opportunities in Canada and the Caribbean for acquisition and development.
Contacts
Jeff Ackert, President and CEO • 1-613-839-3258 • jackert@carubecopper.com
Vern Rampton, VP of Corporate Development • 1-613-839-3258 • vrampton@carubecopper.com
www.carubecopper.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the exploration and development of copper and gold projects in Jamaica and Canada.
DISCLAIMER & FORWARD LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management's expectations. Factors which cause results to differ materially are set out in the Company's documents filed on SEDAR. Undue reliance should not be placed on "forward looking statements".
IMPORTANT NOTICE: By reference herewith, Carube Copper incorporates into this release the entire disclaimer set forth on its website at http://carubecopper.com/disclaimer.htm.
SOURCE: Carube Copper Corp.
