Cascade Copper Amends Option Agreements and Issues Shares and Warrants for its Bendor and Fire Mountain Properties
Calgary - Cascade Copper Corp. (CSE: "CASC") ("Cascade" or the "Company") is pleased to announce that it's board of directors has approved the amendment of the Option Agreement to acquire Bendor Property, totaling 3,063 hectares, located in the Lillooet Mining District of southwest British Columbia, and the Option Agreement to acquire Fire Mountain Property, totaling 3,770 hectares, located in the New Westminster Mining District of southwest British Columbia. The Company agreed to amend the Bendor Property Option Agreement by replacing the $10,000 cash payable within 15 months of the completion of the listing of the Company's common shares on the Canadian Securities Exchange (the "CSE"), which became effective on April 23, 2023 (the "Listing"), with $2,500 cash payment and an issuance of the remaining $7,500 in units of the Company's common shares (where a unit would be valued at $0.05 comprising of one common share and one-half share purchase warrant exercisable at $0.10 for 24 months).
In addition, the Company agreed to amend the Fire Mountain Option Agreement replacing the $20,000 cash payable within 15 months of the completion of the Listing with $2,500 cash payment and an issuance of the remaining $17,500 in units of the Company's common shares (where a unit would be valued at $0.05 comprising of one common share and one-half share purchase warrant exercisable at $0.10 for 24 months).
The payment date for both, Bendor and Fire Mountain Option Agreements, was extended to 17 months from the completion of the Listing. All other terms, including the exploration expenditures and the number of common shares to be issued under remaining annual payments, remained the same.
On exchange approval, the Company will issue 400,000 common shares which are issuable to the Bendor and Fire Mountain optionor pursuant to the initial Option Agreements, and will issue 500,000 units pursuant to the amended Option Agreements. The warrants issued as part of the Bendor and Fire Mountain option payments will expire 2 years after the issuance date, and can be exercised at $0.10 per common share. The shares and units issued include a customary sale restriction which expires four months and a day after issuance.
About Cascade Copper
The Corporation is an exploration stage natural resource company engaged in the evaluation, acquisition, and exploration of mineral resource properties with the intention, if warranted, of placing them into production. Cascade is focused on exploration, development, and acquisition of quality exploration properties. More specifically, Cascade's objective is to conduct an exploration program on its flagship Rogers Creek Property located in the Coast Mountain Belt of British Columbia about 90 kilometres northeast of Vancouver, in the Southwest Mining Region. Cascade currently now has five projects, including the Centrefire Copper Project, the Copper Plateau Copper-Moly Project, Fire Mountain Copper-Gold Project, the Bendor Gold Project, and the flagship Rogers Creek Copper-Gold Project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
CASCADE COPPER CORP.
Jeffrey S. Ackert, President and CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 613 851 7699
E-Mail: info@cascadecopper.com
Web: www.cascadecopper.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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, Cascade 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."
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