Interra Copper Announces Strategic Restructuring and Prepares for 2022 Work Program on its Copper-Gold Thane Project
Interra Copper Announces Strategic Restructuring and Prepares for
2022 Work Program on its Copper/Gold Thane Project
April 20, 2022
Vancouver, BC – Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FRA: 3MX) (“Interra”
or the “ Company”) announces its intention to consolidate its issued and outstanding common
shares (“Common Shares”) on the basis of one (1) post-consolidation Common Share for every
nine (9) pre-consolidation Common Shares (the “Consolidation”). The Consolidation is expected
to result in the number of issued and outstanding Common Shares being reduced from
75,495,903 pre-consolidation Common Shares to approximately 8,388,435 post-Consolidation
Common Shares, subject to any rounding differences.
As the Consolidation will result in a more favourabl e share structure , Interra believes that the
Consolidation may enhance the marketability of the Common Shares as an investment and
facilitate additional financings to fund continued exploration of the Company ’s Thane Property
and general corporate development . With respect to its Thane property in north-central British
Columbia (the “Thane Property” or “Thane”), Interra is awaiting the final geological report from
last year’s exploration program and finalizing its planned 2022 work program for priority targets.
Management’s 2022 objectives will be to continue building the geological database for the bulk of
the unexplored project areas and generating high quality targets to add to Thane’s existing six
high prospect areas, in pursuit of discovering an economic bulk tonnage copper gold resource.
“With continued strength in copper markets and results from our 2021 work program, we remain
positive about the Thane Property. We substantially increased Thane’s geological database and
advanced our understanding of the geophysical and geochemical signatures of potential
mineralogy, rock structure, and alteration on the southern portion of the Thane P roperty,
specifically the Cathedral Area. In addition, surface sampling results were tied to behaviour of
geology at depth with the maiden drill pr ogram at the Cathedral Area. Additional high priority
targets have been generated for follow up in the Cathedral Area and a maiden drill program has
been planned for the Gail Area,” stated CEO and Director Jason Nickel.
In connection with the C onsolidation, no fractional shares will be issued . If, as a result of the
Consolidation, the holder of post-Consolidation Common Shares would otherwise be entitled to a
fraction of a share, each fractional share following conversion that is less than one-half of a share
will be cancelled and each fractional share that is at least one-half of a share will be rounded up
to the nearest whole number. No cash consideration will be paid in respect of fractional shares.
The Consolidation is subject to the receipt of all required regulatory approvals, including the
approval of the Canadian Securities Exchange. F urther details regarding the Consolidation,
including the effective date and the new CUSIP and ISIN for the post -consolidation Common
Shares will be announced in a subsequent news release.
The Company does not intend to change its name or seek a new stock trading symbol from the
Canadian Securities Exchange in connection with the Consolidation.
The Company also intends, subject to the voluntary for feiture of stock options, to cancel
approximately 7.7 million stock options on pre-consolidation basis, representing appr oximately
79% of all issued and outstanding stock options, as a part of this strategic restructuring. The
exercise price of any stock options not cancelled and outstanding warrants, and the number of
underlying Common Shares issuable thereunder , will also be proportionately adjusted upon
completion of the Consolidation.
ON BEHALF OF INTERRA COPPER CORP.
Jason Nickel, P.Eng.
Chief Executive Officer
Telephone: +1-604-754-7986
Email: [email protected]
INVESTOR RELATIONS:
Email: [email protected]
Telephone: +1-604-588-2110
Website: https://interracopper.com
ABOUT INTERRA COPPER CORP.
Interra is a junior exploration and development company focused on creating shareholder value
through the advancements of its current assets that include the Thane Property in north -central
British Columbia. Utilizing its heavily experienced management team, Interra continues to source
and evaluate assets to further generate shareholder value.
The Thane Property covers approximately 206 km2 (50,904 acres) and is located in the Quesnel
Terrane geological belt of north -central British Columbia, midway between the p reviously-
operated open pit Kemess Mine and the current open pit Mount Milligan mine, both two copper-
gold porphyry deposits. The Thane Property includes several highly prospective mineralized
areas identified to date, including the ‘Cathedral Area’ on whi ch the Company’s exploration is
currently focused.
Forward-Looking Statements: This press release contains “forward ‐looking information or statements”
within the meaning of Canadian securities laws, which may include, but are not limited to statements relating
to the Consolidation, the receipt of any required regulatory approvals thereto, the cancellation of stock
options, and exploration plans on the Thane Property. All statements in this release, other than statements
of historical facts that address events or developments that the Company expects to occur, are forward -
looking statements. Forward -looking statements are statements that are not historical facts and ar e
generally, but not always, identified by the words “expects,” “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”,
“could” or “should” occur. Alt hough the Company believes the expectations expressed in such forward -
looking statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ from those in the forward -looking statement s. Such forward -
looking information reflects the Company’s views with respect to future events and is subject to risks,
uncertainties, and assumptions. The reader is urged to refer to the Company’s reports, publicly available
through the Canadian Securitie s Administrators’ System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
The Company does not undertake to update forward ‐looking statements or forward ‐looking information,
except as required by law.