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World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) ("World Copper" or the "Company") reports, further to its news release on January 25, 2023, that the sale to Wealth Minerals Ltd. ("Wealth") of 2,000,000 common shares in the capital of Electric Royalties Ltd. (each, an "ELEC Share") for a purchase price of $0.25 per ELEC Share (the "Transaction") has now closed. On closing, the Company received the aggregate amount of CAD $500,000 cash.
As Wealth holds more than 10% of the issued and outstanding common shares of the Company (and is a Non-Arm's Length Party (as defined in TSXV policies)), the Transaction constitutes a related party transaction pursuant to 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 Share Purchase Agreement was entered into, neither the fair market value of the ELEC Shares, nor the fair market value of the consideration to be provided by Wealth for same, exceeded 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 its two primary copper porphyry projects, Escalones and Cristal, both located in Chile. World Copper has laid claim to four copper porphyry targets, one with estimated resources, significant soluble copper mineralization, and exciting potential to expand the resource base.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.
Detailed information is available at the Company's website at www.worldcopperltd.com, and for general Company updates you may follow us on our social media pages via Facebook, Twitter & LinkedIn.
On Behalf of the Board of Directors of
"Nolan Peterson"
Nolan Peterson
Chief Executive Officer
For further information, please contact:
Nolan Peterson or Michael Pound
Phone: 604-638-3287
E-mail: info@worldcopperltd.com
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 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 Transaction, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. All of the Company's Canadian 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.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no 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/158114
