Toronto, Ontario--(Newsfile Corp. - December 9, 2021) - US Copper Corp (TSXV: USCU) (OTCQB: USCUF) (FSE: C73) ("US Copper" or the "Company") announces that it has entered into an option agreement (the "Agreement") with Western Troy Capital Resources Inc. ("Western Troy") to dispose of its 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 to the Company by Western Troy is an aggregate of 2,500,000 common shares in the capital of Western Troy ("Common Shares") and exploration expenditures, payable as follows:
- upon signing the Agreement and subject to TSXV approval, the Company shall receive 200,000 Common Shares;
- on or before February 1, 2022, the Company shall receive 800,000 Common Shares following the completion by Western Troy 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, 2022, the Company shall receive 1,500,000 Common Shares.
In the event that Western Troy does not complete any part of its obligations under the Agreement, the Property will remain with the Company.
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.
For Further Information Contact:
Mr. Stephen Dunn, President, CEO and Director, US Copper Corp (416) 361-2827 or email info@uscoppercorp.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "hopes", "anticipates", "expected to", "plans", "planned", "intends" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107250
