Copper One Announces Shares for Debt Settlement and Grants Options
TORONTO, ONTARIO--(Marketwired - Oct 11, 2016) - Copper One Inc. (TSX VENTURE:CUO) ("Copper One" or the "Company") has completed its previously announced shares for debt settlement (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company has issued 4,701,923 common shares (the "Shares") at a deemed price of $0.13 and has extinguished $611,250 in debt owed to a creditor. As a result, the Company currently has 34,190,109 common shares issued and outstanding. The Shares are subject to a statutory hold period of four months and one day which expires on February 12, 2017.
The Company has also granted 1,948,000 stock options to various directors, officers and consultants pursuant to its stock option plan. The options may be exercised at a price of $0.19 per option for a period of five years from the date of grant. The grant of options remains subject to the approval of the TSX Venture Exchange.
About Copper One
Copper One is focused on developing the Rivière Doré property located near Val d'Or, Quebec covering the base of the Bouchette anorthositic complex which spans over 80 km.
Forward-looking information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the grant of stock options by the Company and future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Copper One, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Copper One has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 statements. Accordingly, readers should not place undue reliance on forward-looking information. Copper One does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
