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World Copper Ltd. (TSXV: WCU,OTC:WCUFF) (OTCID: WCUFF) (FSE: 7LY) ("World Copper" or the "Company") announces that it has entered into shares for debt settlement agreements with two current directors of the Company and a service provider of the Company (collectively, the "Creditors") whereby, subject to acceptance for filing by the TSX Venture Exchange (the "Exchange"), the Company will issue an aggregate of 20,900,000 common shares in the capital of the Company (each, a "Settlement Share"), at a deemed price of $0.01 per Settlement Share, in consideration for the settlement of an aggregate of $209,000 owing to the Creditors (the "Debt Settlements"). The Company proposed the Debt Settlements to assist it with preserving its cash for working capital.
The Settlement Shares will be subject to a four month and one day statutory hold period from the date of issuance in Canada. Closing of the Debt Settlements is also subject to customary closing conditions, including the acceptance for filing of the Debt Settlements by the Exchange.
The issuance of the Settlement Shares to the Creditors will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as, at the time the Debt Settlements were agreed to, the fair market value of the Settlement Shares to be issued to the Creditors did not exceed 25% of the Company's market capitalization.
About World Copper Ltd.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of the Brassie Creek project, a porphyry-skarn copper and gold property located in Southern BC, covering an area of approximately 1,861 hectares and located approximately 50 km west of Kamloops.
Detailed information is available at World Copper's website at www.worldcopperltd.com.
On Behalf of the Board of Directors of
"Mark Lotz"
Mark Lotz
President & Chief Executive Officer
For further information, please contact:
Mark Lotz
President and Chief Executive Officer
Telephone: +1 (604) 880-6546
Email: info@worldcopperltd.com
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the completion and timing of the Debt Settlements, and receipt of the approval of Exchange in respect of the Debt Settlements, are forward-looking statements. 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: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that it will obtain Exchange acceptance for the Debt Settlements, that the Debt Settlements will be completed in accordance with their terms, that market fundamentals will result in sustained precious and base metals demand and prices, the availability of financing on suitable terms for the development, construction and continued operation of the Company's projects, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, risks associated with required regulatory approvals, the Company's inability to source new assets, requirements for additional capital, actual results of exploration activities, including on the Company's projects, the estimation or realization of mineral reserves and mineral resources, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals (including Exchange acceptance), permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such and their impact on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the timing and possible outcome of any pending litigation, environmental issues and liabilities, as well as the risk factors discussed in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedarplus.ca.
The foregoing list of material factors and assumptions is not exhaustive. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303990
