September 1, 2016 – Vancouver, British Columbia – NovaCopper (NYSEMKT:NCQ;TSX:NCQ) is pleased to announce the completion of the previously announced sale of its wholly-owned subsidiary, Sunward Investments Limited, to Brazil Resources Inc. (“BRI”). NovaCopper sold Sunward Investments Limited, which indirectly owns the Titiribi property, located in Antioquia Province of Colombia, to BRI in exchange for 5 million common shares of BRI and 1 million warrants. Each warrant is exercisable into one common share of BRI for a period of two years from the closing date of the transaction at a price of C$3.50 per BRI common share. Using the 20 day volume weighted average price of BRI shares on the TSX-V of C$2.39, the value of the 5 million common shares of BRI would be approximately C$12.0 million (US$9.1 million).
NovaCopper Changing its Name to Trilogy Metals
To better reflect the diversity of metals at the Company’s 100%-owned Upper Kobuk Minerals Projects located in northwest Alaska, NovaCopper will change its corporate name to Trilogy Metals Inc. The Company expects to commence trading under the symbol “TMQ” and operating under the new name, and to launch its new website at www.trilogymetals.com, on September 8, 2016.
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