Interra Copper and Alto Verde Copper Sign Definitive Agreement for Business Combination

Interra Copper and Alto Verde Copper Sign Definitive Agreement for Business Combination

(TheNewswire)

Interra Copper Corp.

March 10, 2023 TheNewswire - VANCOUVER, British Columbia Interra Copper Corp. (CSE:IMCX ) ( OTC:IMIMF ) ( FRA:3MX) (" Interra " or the " Company ") is pleased to announce that, further to its press release dated December 2, 2022, the Company has entered into a definitive business combination agreement dated March 8, 2023 (the " Definitive Agreement ") with Alto Verde Copper Inc. (" Alto Verde ") and 1000465623 Ontario Inc. (" Interra Subco "), a wholly-owned subsidiary of the Company, pursuant to which the Company will acquire all of the issued and outstanding shares in the capital of Alto Verde (the " Transaction "). The Definitive Agreement replaces the letter of intent between the Company and Alto Verde with respect to the Transaction. The Company and Alto Verde are at arms' length.

Jason Nickel, Director and CEO of Interra Copper commented, "We are pleased to complete this major element of the transaction as we look to develop and expand our asset base in both British Columbia and the prolific Chilean copper belt. With financing secured, a broadened experienced team and prospective projects in great copper jurisdictions, this combination sets us on a solid footing going forward."

Chris Buncic, Director and CEO of Alto Verde Copper, added, "Combining our companies is the exciting first step in executing on our plans to build a multi-jurisdictional copper-focused company and establishing a significant platform for growth within the copper market. We look forward to completing the transaction in the coming weeks."

About Alto Verde

Alto Verde Copper Inc. is a private mining company focused on its portfolio of highly prospective exploration assets located in the Central Volcanic Zone, within the prolific Chilean Copper belt.

Alto Verde's portfolio includes three copper exploration projects: Tres Marias and Zenaida in Antofagasta Region, and Pitbull in Tarapaca Region. The Company now holds a significant land package covering an area of 19,850 hectares with the projects situated amongst several of the world's largest mines owned by the largest global mining companies including Glencore, Anglo American, Teck Resources and BHP, among others.

Alto Verde's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Alto Verde is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates.

Tres Marías, Pitbull and Zenaida

All three of the Alto Verde copper projects are located in northern Chile within the Central Volcanic Zone (CVZ), home to a majority of the country's production of copper, with much coming from porphyry-style deposits that are rich in copper, molybdenum, gold and silver by-products. Notable copper miners in the region include Antofagasta Minerals, BHP Billiton, Glencore and Freeport-McMoRan Inc. (" FCX ") among others. With its well-developed sector, Chile is also known as a highly favourable mining jurisdiction within South America, with a long history of strong mining laws support for foreign direct investment.

Tres Marías is a prospective mid-stage exploration group of concessions covering an area of 16,050 ha and is located within the Paleocene-Lower Eocene Central Metallogenic Belt at a 1,600 m elevation with year-round access in the Region of Antofagasta (the " Property "). There is  visible hydrothermal alteration in the outcrops that, based on geological mapping, corresponds to continental clastic sedimentary rocks of the Jurassic Quehuita Formation. FCX completed 2,800 m of drilling in 2015 and 2018, performed in the eastern portion of the Property, including 6 diamond drill holes (DDH) and 1,000 m in 2 reverse circulation (RC) holes, and there remains much to be followed up on. Highlights from these historical drill holes include TMD-15-02 with 2.4 m of 3.10% Cu and 19 ppm Ag, and TMRC-18-01 with 4.0 m of 4.50% Cu and 121.5 ppm Ag. Drilling also indicated anomalous polymetallic zinc, silver, and lead. The central and western-most part of the Property have not been fully assessed despite hosting second priority geophysical targets, suggesting good potential for copper porphyry discovery. Reprocessing and 3D inversion of historical ZTEM airborne geophysical survey, recent completion of a UAV (Drone) MAG survey, and surface IP survey has highlighted three notable targets across the Property. The data from these studies has formed the basis for the upcoming drilling campaign.

Pitbull is an early-stage exploration group of concessions comprising 2,000 ha and located about 25 km north of Anglo American & Glencore's Collahuasi mine (" Pitbull "), which in 2019 produced more than 565 kt of fine copper with revenues of US$ 3.1 Billion. The group of concessions lies within the Upper Eocene-Lower Oligocene (Mid-Tertiary) Metallogenic Belt, a similar geological zone to that of Collahuasi. Initial plans at the property include a high resolution UAV magnetometry survey over 14 km2, an Induced Polarization and Resistivity GSDAS (3D) over 32 linear km, a photogrammetric Survey, and MagnetoVariotional (MVT) Aquisition and 3D Resistivity Inversion study. Data from these studies will determine the drill hole collar locations for a follow-on drilling campaign.

Zenaida is an early-stage exploration group of concessions comprising 1,800 ha, and is also located on the Upper Eocene-Lower Oligocene (Mid-Tertiary) Metallogenic Belt, sharing some similarities to the geology in the Collahuasi region (" Zenaida "). Historical geophysical results indicate the potential for mineralization and warrant further analysis and follow-up by the Company.

As at December 31, 2021, Alto Verde had $377,139 in cash and no liabilities on an audited basis.  As Alto Verde is mineral exploration stage, there are no significant sources of revenue or profits.

Transaction Structure

In accordance with the terms of the Definitive Agreement, the Transaction will be effected by way of a "three-cornered" amalgamation, in which: (a) Interra Subco will amalgamate with Alto Verde to form an amalgamated company (" Amalco "); (b) all issued and outstanding common shares of Alto Verde will be exchanged for the Company's common shares (" Common Shares ") on a 1 :0.2512 basis; (c) all outstanding convertible securities to purchase Alto Verde common shares will be exchanged, on a 1:0.2512 basis, for equivalent securities; and (d) Amalco will become a wholly-owned subsidiary of the Company. Upon completion of the Transaction, it is expected that Mr. Christopher Buncic and Mr. Richard Gittleman will be appointed to the board of directors of the Company and Mr. Buncic will serve as Chief Executive Officer of the Company.

It is expected that Interra will issue approximately 7,626,684 Common Shares to shareholders of Alto Verde. Additionally, 11,729 compensation options of Alto Verde (issued to an agent) will be exchanged for approximately 2,946 compensation options of Interra.  The Common Shares issued to Alto Verde Shareholders will have a deemed price per share of $0.796 ( 10 Day VWAP) and will be subject to contractual restrictions on transfer. The Common Shares will be released from the restrictions on transfer in tranches of 20% on the number of days after closing of the Transaction as follows: 120 days, 240 days, 365 days, 456 days and 547 days.

In accordance with the terms of the Definitive Agreement, the Company has issued and sold an aggregate of 5,781,722 subscription receipts (" Subscription Receipts ") for gross proceeds of $2,890,861. Upon closing of the Transaction, each Subscription Receipt will automatically convert into units of the Company (" Units "), in accordance with the terms and conditions of the subscription receipt agreement between the Company and Odyssey Trust Company dated February 2, 2023, as supplemented on February 9, 2023. Each Unit will be comprised of one Common Share and one-half Common Share purchase warrant (each full warrant, a " Warrant "). Each Warrant will entitle the holder to acquire one Common Share (a " Warrant Share ") at an exercise price of $0.75 per Warrant Share for a period of 36 months following the closing of the Transaction. The Warrants will be subject to an acceleration provision allowing the Company to accelerate the expiration date of the Warrants with a 30 days' notice period to warrant-holders in the event the Common Shares trade on the Canadian Securities Exchange (the " CSE ") for 10 consecutive days at $1.25 or greater. On closing of the Transaction, the Company will have approximately 25,363,862 Common Shares outstanding, including the Common Shares issued under the Definitive Agreement, upon conversion of the Subscription Receipts, and the Common Shares issued under the Finder's Fee Agreement (as defined herein). It is noted that this Transaction does not constitute a fundamental change in accordance with CSE policy 8.

The completion of the Transaction is subject to a number of customary conditions precedent, including receipt of Alto Verde shareholder approval. It is anticipated that the Transaction will close on or around March 24, 2023.

In connection with the Transaction, the Company has agreed to pay certain finder's fees, upon conversion of the Subscription Receipts and completion of the Transaction, consisting of, in aggregate, cash finder's fees of $99,640 and the issuance of 57,520 Common Shares and 256,800 finder's warrants entitling the holder thereof to purchase one Common Share at an exercise price of $0.75 per share for a period of 36 months from the date of issuance.

Further to the Company's press release dated December 2, 2022, the Company and WMA Inc., (" WMA "), a corporation formed under the laws of Panama, have entered into a finder's fee agreement dated March 1, 2023 (the " Finder's Fee Agreement ").  Subject to approval of the CSE and pursuant to the terms of the Finder's Fee Agreement and the Definitive Agreement, the Company has agreed to issue 421,171 Common Shares to WMA, upon closing of the Transaction, for its role in introducing Alto Verde to the Company.  The Company has been advised that WMA is controlled by Lenny Chung.

Also in connection with the Transaction, the Company entered into a number of agreements, each effective upon closing of the Transaction, for the provision of marketing and communications services and to build awareness of the Company with investors for services including but not limited to: Active social media and network engagement, direct investor engagement and lead generation, and may include platforms on several well-known social media and business media platforms. The services provided for these agreements commences on the date of closing of the Transaction and continues for the periods listed below.  Details of the agreements with parties at arms' length to the Company are as follows:

  • Agreement with bull markets media GmbH for a term of 12 months. In consideration for providing the services, the Company will pay a fee of $90,000.

  • Agreement with Investing News Network for a term of 12 months. The Company will pay a fee $30,000 + applicable taxes.

  • Agreement with Market One Media Group Inc. for a term of 12 months. The Company will pay a fee of $130,000 + GST.

  • Agreement with GOLDINVEST Consulting GmbH for a term of six (6) months. The Company will pay a fee of $16,000.

  • Agreement with Yabucoa Partners Corp. for a term of 12 months. The Company will pay a fee of US$168,000.

  • Agreement with Arne Lutsch for a term of five (5) months. The Company will pay a fee of $10,000.

  • Agreement with Triple Bull Consulting Inc. for a term of four (4) months. The Company will pay a fee of $40,000 + GST.

  • Agreement with Triomphe Holdings Ltd. for a term of six (6) months. The Company will pay a fee of $120,000 + GST.

  • Agreement with Zimtu Capital Corp. for a term of 12 months.  The Company will pay a fee of $150,000 + GST.

  • Agreement with Mezzo Consulting Services S.A. for a term of six (6) months. The Company will pay a fee of $80,000 and grant 50,000 stock options. The terms of the stock options will align with the terms of the Company's next stock option grant and will be for a term of five (5) years.

  • Agreement with Cor Capital Inc. for a term of 12 months. The Company will pay a fee of  $120,000 + HST and a grant of 100,000 stock options. The terms of the stock options will align with the terms of the Company's next stock option grant and will be for a term of five (5) years.

  • The issuance of securities to Mezzo Consulting Services S.A. and Cor Capital Inc. are subject to completion of the Transaction and the Company's filing requirements with the CSE. Amounts are payable upon closing of the Transaction. The above-noted agreements are subject to the Company's filing requirements with the CSE.

Qualified Person:

The scientific and technical information in this press release has been reviewed and approved by Scott Jobin-Bevans, Ph.D., PMP, P.Geo., Principal Geoscientist and President at Caracle Creek International Consulting Inc., who is an independent consultant and Qualified Person as defined in National Instrument 43-101.

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 km 2 (50,904 acres) and is located in the Quesnel Terrane geological belt of north-central British Columbia, midway between the previously 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 which the Company's exploration is currently focused.

ON BEHALF OF Interra Copper CORP.

Jason Nickel, P.Eng.

Chief Executive Officer and Director

Telephone: +1- 604-754-7986

Email: interracopper@gmail.com

INVESTOR RELATIONS:

Telephone: +1- 604-245-0054

Website: https://interracopper.com

Alto Verde Copper Inc.

Chris Buncic

President, Chief Executive Officer and Director

Email: investors@altoverdecopper.com

Cautionary Statement Regarding Forward-Looking Information: This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the Transaction are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR

DISSEMINATION IN THE UNITED STATES/

Copyright (c) 2023 TheNewswire - All rights reserved.

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About Group Eleven Resources

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ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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FPX Nickel Publishes Scoping Study Report for North America's Largest Nickel Sulphate Refinery

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FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") announces that further to its news release dated February 24, 2025 it has published the Report for the Awaruite Refinery Scoping Study (the " Study ") on its website at https:fpxnickel.comprojects-overviewawaruite-refinery .

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

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Highlights

  • Strong Economics: After-tax NPV 8% of $445 million and IRR of 20% at $8.50 /lb Ni
  • Large-Scale, Long Life : 40-year operating life producing 32,000 tpa of nickel contained in battery-grade nickel sulphate
  • Valuable Products: Production of battery-grade nickel sulphate for the EV industry, and by-products including cobalt, copper, and ammonium sulphate, a valuable fertilizer product for the agricultural sector
  • Low Cost: Total estimated operating costs of $1,598 /t Ni, or $133 /t Ni ( $0.06 /lb Ni) on a by-product basis for refining awaruite concentrate to battery-grade nickel sulphate, resulting in total all-in production costs of $8,290 /t Ni ( $3.76 /lb Ni) for nickel sulphate generated from awaruite mineralization (inclusive of mining, processing, refining, on a by-product basis), with both figures ranking in the lowest decile of the respective global nickel sulphate cost curves
  • Low Carbon : A carbon intensity of 0.2 tCO2/t Ni for refining operations, resulting in a total all-in carbon intensity of 1.4 t CO2/t Ni for nickel sulphate generated from awaruite mineralization, which is magnitudes lower than current nickel sulphate production routes

The Study reinforces the opportunity for the development of an integrated, made-in- Canada solution from mine-to-battery, utilizing awaruite concentrate as a lynchpin source of nickel, with conventional refining steps underpinning low-cost, low-carbon nickel production for use in domestic and allied country EV battery supply chains. The Study is described more fully in the FPX news release dated February 24, 2025 , and incorporates the flowsheet advancements outlined in the Company's previously reported pilot-scale hydrometallurgical testwork results (see the FPX news release dated October 15, 2024 ).

Andrew Osterloh , P.Eng., FPX's Senior Vice President, Projects and Operations, has reviewed and approved the content of this news release.

About FPX Nickel Corp.

FPX Nickel Corp.  is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron mineralization known as awaruite.  For more information, please view the Company's website at https://fpxnickel.com/ .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws, including those which relate to the proposed development of the Refinery, the intended processing of commercially available awaruite concentrate at the Refinery and the ability to obtain same; the projected economics of the Refinery, including capital cost; operating costs; NPV; IRR; carbon intensity; processing life; growth of the EV market; marketability of the concentrate; growth of demand for nickel sulphate and pricing therefor; and all other statements, other than statements of historical facts. These statements address future events and conditions and actual results could differ from those currently projected.  The Company does not assume the obligation to update any forward-looking statement.

Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the public reports and filings for FPX, filed on SEDAR+ at www.sedarplus.com . Although FPX believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, FPX disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2025/31/c8434.html

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Vertex Minerals Limited  Shares Commence Trading on US OTC Market

Vertex Minerals Limited Shares Commence Trading on US OTC Market

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that its Ordinary Shares have been approved to trade on the OTCQB Venture Market ("OTCQB") in the United States of America (the "U.S.") and have commenced trading under the ticker VTXXF.

HIGHLIGHTS

- Trading commences on OTCQB under the ticker VTXXF.

- OTCQB recognised as an Established Public Market by the SEC.

- Offers enhanced investor benefits, including streamlined trading access for U.S.- based investors to VTX.

- Enables engagement with a network of U.S. investors, data distributions and media partners.

- ASX compliance qualifies for exemption under US regulations, minimising additional costs.

- There is no change to issued capital as part of the quotation on the OTCQB market and Vertex's primary listing remains the Australian Securities Exchange ("ASX") listing.

- No new shares in Vertex have been issued as part of the quotation on the OTCQX Market in the USA.

"The US market will take a keen interest in Vertex, an Australian gold company which will be recognised for its high-grade, future free cash generation, exploration upside, and its Australian dollar market value. The OTCQB quotation makes Vertex more readily accessible to a wider audience at a time when the US market is bullish gold and witnessing record Gold prices". Roger Jackson Executive Chairman

The dual-listing of the Company's ordinary shares on the OTCQB offers key advantages for investors, such as improved trading accessibility for U.S.- based investors and increased liquidity driven by a wider geographic reach of potential shareholders. This platform enables the Company to connect with U.S. capital markets, data providers, and media outlets, ensuring that U.S. investors have access to the same high-quality information and disclosures available to Australian investors, delivered through U.S.-focused platforms. Furthermore, the OTCQB listing allows U.S. investors to trade VTX's ordinary shares in U.S. dollars during U.S. market hours, providing a more cost-effective alternative to trading via the ASX platform.

The ability to trade in the Company's existing ordinary shares on the ASX will not be affected by having the OTCQB facility and no new ordinary shares have been issued. VTX will continue to make announcements and disclosures to the Australian Securities Exchange through the Market Operating Rules and Listing Rule requirements.

The OTCQB is acknowledged by the SEC as an Established Public Market and serves as a prominent platform for U.S. and international companies in the entrepreneurial and growth stages. Eligibility requires companies to maintain up-to-date financial reporting (in line with ASX listing rule obligations), meet a minimum bid price requirement, and complete an annual verification and management certification process. As a trusted and transparent marketplace with streamlined access to U.S. investors, the OTCQB supports companies in building shareholder value, enhancing liquidity, and achieving fair market valuation.

The Company would like to thank David Batista of Viriathus Capital who have acted as Sponsor for the Company's application to commence cross-trading on the OTCQB.



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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