Western Troy Enters into Option Agreement
Toronto, August 23, 2021 - Western Troy Capital Resources Inc. (TSXV: WRY.H) (the "Company") is pleased to announce that it has entered into an option agreement (the "Agreement") with US Copper Corp. ("US Copper") to acquire a 100% undivided interest in 14 mineral claims covering approximately 227 hectares located in Whiteside Township in the District of Cochrane, Timmons, Ontario (the "Property").
Pursuant to the terms of the Agreement, the total consideration payable by the Company to US Copper is an aggregate of 2,500,000 common shares in the capital of the Company ("Common Shares") and exploration expenditures, payable as follows:
- upon signing the Agreement, the Company issued 200,000 Common Shares;
- on or before February 1, 2023, the Company shall issue 800,000 Common Shares following the completion of not less than three diamond drilling holes of an aggregate of at least 450 feet on the Property and completing a technical report, prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects; and
- on or before December 1, 2023, the Company shall issue 1,500,000 Common Shares.
All of the Common Shares issued in connection with the Agreement are subject to a four-month statutory hold period from the date of issue in accordance with applicable securities legislation. The Agreement remains subject to the approval of the TSX Venture Exchange.
In addition, the Company announces that it has granted an aggregate of 1,050,000 options to purchase common shares of the Company exercisable at a price of $0.16 per common share for a period of three (3) years to certain directors, officers and consultants of the Company. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.
About Western Troy
Western Troy has been engaged in mineral exploration and mine development, as well as reviewing potential alternatives to enhance shareholder value.
Contact Information:
Western Troy Capital Resources
Stephen Dunn, CEO
Tel: 416-361-2827
Email: dunnsteve@protonmail.com
CAUTIONARY AND FORWARD-LOOKING STATEMENTS:
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.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Western Troy. Forward-looking statements include estimates and statements that describe Western Troy's future plans, objectives or goals, including words to the effect that Western Troy or its 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 Western Troy, Western Troy 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, Western Troy's objectives, goals or future plans, statements, and the receipt of regulatory approvals. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, 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 Western Troy's public documents filed on SEDAR. Although Western Troy 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. Western Troy 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94135