Canadian Critical Minerals Receives Offer to Purchase Interest in Thierry Mine Project
Canadian Critical Minerals Receives Offer to
Purchase Interest in Thierry Mine Project
Calgary, Alberta--(Newsfile Corp. - October 1, 2024) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF) ("CCMI"
or the
"Company")
hereby reports that QC Copper and Gold (TSXV:
QCCU) (QCCUF) ("QC Copper") has made an offer to purchase all the outstanding shares of Cuprum
Corp. ("Cuprum") in an all-share deal (the "
Acquisition
").
Cuprum is a private company (formerly Pickle
Lake Minerals Inc.) which owns 100% of the Thierry Mine project ("Thierry").
CCMI currently owns 29.9%
of Cuprum and is the second largest shareholder.
QC Copper currently owns 7.7% of Cuprum.
Following
the proposed transaction, CCMI's ownership of QC Copper would be 10.4%.
This Acquisition, if
completed, will establish QC Copper as one of the largest resource developers in Canada, with two
multi-billion pound copper deposits in Quebec and Ontario.
Terms of the Acquisition
QC Copper will issue all shareholders of Cuprum 1.1538 common shares of QC Copper for every
Cuprum common share, based on QC Copper's share price of $0.13 per share.
QC Copper will issue
an aggregate of 82.76 million QC Copper shares in connection with the Acquisition to secure full
ownership of Cuprum's assets at Thierry.
CCMI will hold 26.77 million shares in QC Copper with an
implied value of $3.48 million.
QC Copper is currently advancing its 100% owned flagship Opemiska copper project in Quebec, a
former high-grade past-producing copper project.
The most recent resource estimate for Opemiska has
outlined 2.1 billion lbs in a copper equivalent Measured and Indicated Resource.
Opemiska is one of the
largest copper resources in Quebec with access to critical infrastructure such as all-season roads, grid
power, rail and nearby mining communities.
Historically both the Thierry and Opemiska properties sent
copper concentrates to the Horne smelter in Quebec.
The Acquisition, if completed, will allow CCMI to remain focused on its flagship Bull River Mine in British
Columbia.
CCMI will gain diversification with the addition of Opemiska while retaining a significant
interest in Thierry.
Given that QC Copper is publicly traded, CCMI will be provided with liquidity for their
current investment in Cuprum.
Shares will be held in escrow for a period of 18 months with 10% of the
shares free trading on closing.
Cuprum's Board of Directors formed a Special Committee to evaluate the transaction, ensuring the
transaction serves the best interests of all shareholders, including CCMI.
Independent financial advisory
firm Working Capital Corporation provided a fairness opinion, confirming the transaction is fair, from a
financial point of view to the shareholders of Cuprum.
The transaction is subject to approval from the TSXV Exchange and QC Copper's disinterested
shareholders.
Subject to these approvals, closing is expected by the end of December 2024.
About Canadian Critical Minerals Inc.
CCMI is a mining company primarily focused on two near-term copper production 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 owns a 29.9% 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/225303