Waterloo Resources Ltd. (TSXV:WAT) announced that they have entered into an arrangement with Lowell Copper Inc.in which they will acquire all of Lowell Copper’s issued and outstanding common shares.
As quoted in the press release:
Lowell Copper Inc. was founded by its President and CEO, J. David Lowell. The previous two public companies founded by Mr. Lowell are Arequipa Resources Ltd. (acquired by Barrick Gold for approximately $1.1 billion) and Peru Copper Inc. (acquired by Aluminum Corporation of China or CHINALCO for $850 million). The principal asset of Lowell Copper is the “Warintza” property, a copper-molybdenum porphyry property in Ecuador. In addition, subject to due diligence, Lowell Copper has entered into an agreement to acquire a copper exploration project in Chile. In addition to Mr. Lowell being appointed as the Chairman and CEO of the combined company (the “Resulting Issuer”) the Resulting Issuer will also welcome the addition of David De Witt and Catherine McLeod-Seltzer to the Resulting Issuer’s Board of Director.
Waterloo’s CEO, Mr. de Groot, said:
We are extremely pleased to have negotiated this transaction with Lowell Copper. The Warintza property is a world-class asset worthy of continued exploration and development. The addition of Messrs. Lowell and De Witt and Ms. Mcleod-Seltzer to the Company represents a great step forward in the development of the Company as this team has an outstanding track record of creating shareholder value.