Handa Closes Fundamental Acquisition
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 5, 2014) - Handa Copper Corp. ("Handa Copper") - (TSX VENTURE:HEC) announces that it has closed its fundamental acquisition (the "Acquisition"), originally announced on April 29, 2014. In connection with closing of the Acquisition, Handa Copper acquired 20% of the outstanding shares of each of Renaissance Copper Limited and Nirvana Minerals Limited (the "Companies") for aggregate consideration of US$400,000, plus permitting fees and other charges in the aggregate of US$24,125 levied on the Projects (as defined below) by the Government of the Republic of Congo.
The Companies are the indirect owners of the Maboudou and the Banda-Kayes projects (the "Projects"), located in the Republic of Congo. Handa Copper has an option to earn up to a 100% interest in each of the Companies as summarized in its news release dated April 29, 2014. Upon acquiring a 100% interest in either Company, such interest will become subject to: (a) an interest equal to at least 10% of the applicable Project being taken by the Government of the Republic of Congo; and (b) a royalty payable to the vendor equal to 1.455% of the production revenue from the applicable Project.
Jon Stacey, President of Handa Copper, stated: "I am delighted that the acquisition has been closed timeously. Since the original announcement in April, Handa has been gathering historical data and consolidating our geological understanding and we are now able to take full advantage of the Congolese dry season to initiate the exploration activities".
A National Instrument 43-101 geological report for the Projects has been prepared in connection with the Acquisition and will be filed on SEDAR at www.sedar.com.
The Projects
The Maboudou project is located within the department of Niari in northwestern Republic of Congo and consists of a land package covering approximately 3,000 square kilometres. The Banda Kayes project has a land package totalling approximately 5,100 square kilometres and is located in the department of Bouenza in the south of the country. Both areas are underlain by the Neoproterozoic metasediments of the West Congolian Belt, a highly prospective geological belt that traverses the Republic of Congo and extends north into Gabon and south into the Democratic Republic of Congo.
About Handa Copper Corporation
Handa Copper is focused on the review of copper opportunities in Africa. Our field geologists are regularly engaged in field evaluation of project submissions and testing in-house exploration concepts. Our goal is to build a portfolio of significant copper projects in Africa.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the option agreements, including the terms thereof, and with respect to the Projects. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, outcome, performance or achievements expressed or implied by the statements. Such factors include, among others, the overarching risk that the options will not be exercised, and risks related to the availability of financing and the future price of metals. With respect to the Projects, risk factors include the price of metals, results of exploration activities, relations with locals, jurisdictional risks, the availability of exploration equipment, and risks related to the exercise of the option agreements. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.