Canadian Critical Minerals Inc. Completes Sale of Controlling Interest in Thierry Copper Mine
Canadian Critical Minerals Inc. Completes
Sale of Controlling Interest in Thierry Copper
Mine
Calgary, Alberta--(Newsfile Corp. - October 31, 2023) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF)
("
CCMI
" or the "
Company
") hereby announces that it has completed the sale of a
controlling interest in its private subsidiary company Cuprum Corp. (formerly Pickle Lake Minerals Inc.)
("Cuprum") which holds a 100% interest in the Thierry Copper Mine ("Thierry"), located in Pickle Lake,
Ontario to
Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF)
("
Orecap
"). CCMI retains a 39%
interest in Cuprum.
Terms of the Acquisition
Orecap has acquired a 45% interest in Cuprum for $1,350,000 in an upfront all-cash deal.
CCMI will
receive 3,000,000 share purchase warrants of Cuprum with the following terms: 1,000,000 warrants with
an exercise price of $0.10 per common share of Cuprum and exercisable for a period of one year from
closing of the transaction ("Closing Date"), 1,000,000 warrants with an exercise price of $0.15 per
common share of Cuprum and exercisable for a period of two years from Closing Date, and 1,000,000
warrants with an exercise price of $0.20 per common share of Cuprum and exercisable for a period of
three years from Closing Date.
Additionally, CCMI is entitled to receive milestone payments from
Cuprum of $500,000 should the current near surface NI 43-101 Resource at Thierry be increased to 100
million tonnes and/or 1.0 billion lbs of copper and an additional $250,000 should the current near surface
NI-43-101 Resource at Thierry be increased to 150 million tonnes and/or 1.5 billion lbs of copper.
QC Copper has acquired a 10% interest in Cuprum for $300,000 in an upfront all-cash deal.
Ocean Partners UK ("Ocean") has acquired a 6% interest in Cuprum.
Cash proceeds from Orecap has
been used to discharge a US$1.0 million loan with Ocean that was secured against the assets of
CCMI's Bull River Mine in British Columbia.
Rationale for the Sale of a Controlling Interest in Thierry
1
.
Proceeds from the sale of a 61% interest in Cuprum provided the Company with sufficient cash to
discharge the secured loan at Bull River and eliminate future interest payments to Ocean.
2
.
The sale is non-dilutive to CCMI shareholders and will allow the Company to focus on advancing its
flagship Bull River Mine project through the permitting phase and on to production.
3
.
CCMI retains a significant interest in Cuprum and will not be required to continue to fund the
property.
4
.
The Thierry Copper Mine is one of the largest known copper deposits in Ontario.
There is
significant opportunity to increase the size of the current NI 43-101 near surface deposit.
With the
new investment from Orecap and QC Copper the exploration activities at Cuprum can be
increased beyond CCMI's current capability.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term, past-producing copper assets in
Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near
Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI
also has a 39% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario
which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E:
Website:
www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements about strategic plans, future work programs and objectives and expected results from such
work programs. Forward-looking information necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic conditions; inability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favourable
terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking information and the risks identified in the Company's continuous
disclosure record. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. All forward-
looking information contained in this news release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to management as at the date
hereof. 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, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/185705