Carube Copper Corp. Annual Meeting
07.08.2015 | Newsfile
Carp, Ontario -- (Newsfile Corp. - August 7, 2015) - Carube Copper Corp. (TSXV: CUC) (the "Company" or "Carube") is pleased to announce today that the annual and special meeting of shareholders for the 2014 fiscal year will be held on Thursday, September 17, 2015 at 4:00 p.m. (Eastern Daylight Time) at 3790 Carp Road, Carp, Ontario, for shareholders of record as of August 7, 2015 (the "Meeting").The Company will update shareholders on recent exploration results from the ongoing $3.6M program being carried out by joint venture partner, OZ Minerals Ltd., on the Bellas Gate Project in Jamaica, the Company's exploration program on its Cascade Magmatic Arc properties in B.C., corporate strategy and plans moving forward.
The Company would also like to announce that it has entered into debt settlement agreements with creditors of the Company to settle $103,000 of indebtedness through the issuance of an aggregate of 605,882 common shares in the capital of the Company, at a price of $0.17 per common share. The common shares issued will be subject to a four-month and a day hold period from the date of issuance in accordance with applicable securities laws. The Company decided to satisfy this outstanding indebtedness with common shares in order to preserve its cash for operations.
The transactions contemplated under the debt settlement agreements are with certain directors and officers of the Company and accordingly are subject to the receipt of all necessary approvals, including that of the TSX Venture Exchange and disinterested shareholder approval which will be sought at the Meeting.
Lastly, the Company would like to announce that in connection with the business combination between Miocene Resources Limited and Carube Resources Inc. (the "Transaction") as previously announced by the Company, KPMG LLP has resigned as auditors of the Company and the Company has appointed PricewaterhouseCoopers LLP effective June 18, 2015, such date being the effective date of the Transaction.
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.
Contacts
Vern Rampton, President and CEO
1-613-839-3258
vrampton@carubecopper.com
Darrell Munro, Corporate Administration
1-613-839-0474
dmunro@carubecopper.com
Alar Soever, Chairman
1-705-682-9297
asoever@carubecopper.com
- END PRESS RELEASE -
About Carube Copper Corp.
Carube Copper Corp. (TSXV: CUC) is a Canadian exploration company focused on the rapid exploration and development of precious metal and copper projects in Jamaica. Through a wholly owned Jamaican subsidiary, Carube Copper owns a 40% beneficial interest (subject to a 2% NSR) in the Bellas Gate Project, which consists of two highly prospective copper-gold licenses covering 84 square kilometres of the Central Inlier. The Bellas Gate Project is the subject of a joint venture agreement with OZ Minerals Ltd., an Australian copper-gold producer with a market capitalization of over $1B. OZ Minerals can earn a 70% interest (Carube Copper 30%) in the Bellas Gate Project by spending $6.5M on exploration and can then increase its interest a further 10% by completing a feasibility study. OZ Minerals has flown airborne geophysics over 3 other Carube Copper projects (4 wholly-owned Licences, subject to 2% NSRs, and subsequently can invoke separate joint ventures on each project with similar terms to those applicable to the BGP. Carube also holds a 100% interest in three porphyry copper-gold-molybdenum properties in south-western British Columbia within the Tertiary-aged Cascade Magmatic Arc. Exploration continues on two of these projects, with the goal of them becoming of interest to funding partners.
DISCLAIMERS AND FORWARD-LOOKING STATEMENTS
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations peoples, other indigenous peoples and land owners, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.