- • Historic drilling shows copper, molybdenum, silver, gold, and tungsten content
- • Cascade now owns 90% of the project, the vendor will hold a 10% working interest
- • All share deal allows Cascade adequate funding for its exploration programs
Calgary, Alberta – October 13, 2023. Cascade Copper Corp. (CSE: “CASC”) (“Cascade” or the “Corporation”) is pleased to announce it has closed the purchase of a 90% interest in the 2,789 hectare Copper Plateau Porphyry project (the “Project”) located in south-central British Columbia, Canada. Pursuant to the terms of a purchase and sale agreement dated September 28, 2023 (the “Agreement”) with Tuktu Resources Ltd. (“Tuktu”), the Project was acquired for $200,000, which was satisfied via the issuance of 2,150,538 units (the “Units”) of Cascade at an issue price of $0.093 per Unit. Each Unit consists of one common share and one-half purchase warrant, with each full warrant exercisable at $0.15 within 36 months from the date of issue. Under the Agreement, the company has issued an aggregate of 2,150,538 common shares and 1,075,269 warrants. The warrants will not vest and are not exercisable until September 28, 2024. Pursuant to the Agreement, Tuktu has retained a 10% interest in the Project and will contribute that amount to all exploration programs on the Project.
Pursuant to the Agreement, the parties have executed an anti-dilution agreement dated October 12, 2023, which provides Tuktu with the right but not the obligation to subscribe for and purchase, at the same price per additional security, that number of additional securities necessary to ensure that Tuktu maintains fully-diluted ownership in Cascade of up to a maximum of 9.9% of Cascade’s fully diluted shares.
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 four projects, including 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: