Fabled Copper Announces Notice of Termination of All Option Agreements and Resignations of Directors and Officers
February 14 - Vancouver, British Columbia - Fabled Copper Corp. ("Fabled Copper" or the "Company") (CSE:FABL); (FSE:XZ7) announces that it has provided notice of termination to the optionors under the option agreements with respect to the Muskwa Project, the Bronson Property and each of its Lithium properties, being the VOLT1 Property and the OHM Property (collectively the "Option Agreements").
The decision to terminate the Option Agreements was taken due to (i) the Company's current cash position (ii) the unavailability of additional financing to make required option payments and progress its projects; and (iii) there being no available compromise between the Company and the optionors to re-negotiate outstanding and due option payments under the Option Agreements.
The Company has entered into termination agreements dated February 12, 2024 with the optionors of each of the Muskwa Project and the Bronson Property that have released the Company from the obligations to make any due payments to such optionors. In consideration the Company has transferred its respective ownership positions in any claims comprised in the Muskwa Project back to the optionors.
Following termination the Company retains no interest in the VOLT1 Property or the OHM Property and no amounts are owed under the Option Agreements in relation thereto.
The Company only retains ownership of the claims comprising the VOLT2 Property but has no plans to conduct any work on the same in the foreseeable future.
The remaining members of the board of directors will commence a review of potential options, including any available alternative transactions that may preserve shareholder value and will provide any updates on the same in due course.
Resignation of Directors and Officers
The Company further announces that each of Mr. Patrick Donovan and Mr. Louis Martin have resigned as directors of the Company as of February 9, 2024. In addition Mr. Eric Tsung has resigned as CFO of the Company (as of February 8, 2024).
The Company would like to thank each of the resigning directors and officers for their contributions to the Company and wish them the best in the future.
The Company currently has two directors being Mr. Peter J. Hawley and Mr. Luc Pelchat. The Company will seek to appoint a third director to join the board of directors as is required by applicable corporate and securities laws and the policies of the Canadian Securities Exchange (the "CSE").
Mr. Peter J. Hawley, President and CEO of the Company has been appointed interim CFO of the Company. The Company will seek to appoint a permanent CFO to join the Company as soon as it is able.
The Company will provide updates regarding such appointments by subsequent news release.
The Company's stock will remain halted pending the ongoing review of the CSE.
About Fabled Copper Corp.
Fabled is a publicly traded company which formerly operated as a mining exploration company but is currently focused on identifying new opportunities.
Mr. Peter J. Hawley, President and C.E.O.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
info@fabledcopper.org
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals. Forward-looking information includes statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking information in this document includes statements concerning the Company's intention to complete the Proposed Acquisition and all other statements that are not statements of historical fact.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedarplus.ca. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Copyright (c) 2024 TheNewswire - All rights reserved.
