Caña Brava is a highly prospective 5,100-hectare copper-molybdenum project, located in the La Libertad Department of northern coastal Peru, only 35 kilometers inland from the Peruvian coast
Western Metallica acquires Copper Assets in Peru. (Credit: Khusen Rustamov from Pixabay)
Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to announce that it has acquired all of the issued and outstanding shares of Consolidated Copper Corp. (“Consolidated Copper”) (the “Acquisition”) pursuant to a share purchase agreement dated August 10, 2023 (the “Agreement”). Consolidated Copper holds options to acquire 100% of the Caña Brava and Turmalina Projects, two highly prospective copper-molybdenum porphyry projects located in Northern Peru.
Gregory Duras, CEO and Director of Western Metallica Resources commented, “Western Metallica is excited to enter into this Transaction to acquire Consolidated Copper, which we believe complements our existing portfolio by adding a new package of highly prospective assets in a region that is attractive for investment. Both projects lie on a copper-porphyry belt that has seen notable exploration and production success, but with much of the central and northern portions of the belt remaining significantly under-explored and, therefore, a region of compelling interest. Given the strength of the Company’s balance sheet and the current positive market dynamics for copper, this is an opportune time for the Company to make this strategic acquisition.”
Pursuant to the Agreement, Western Metallica has agreed to acquire 100% of the issued and outstanding shares of Consolidated Copper in exchange for an aggregate consideration of (i) 20,000,000 common shares of the Company (the “Common Shares”) and (ii) 5,000,000 common share purchase warrants of the Company (the “Warrant”), with each Warrant entitling the holder to acquire one additional Common Share at an exercise price of $0.10 until the earlier of: (i) the date that is one (1) year from the date of issuance, and (ii) within twenty (20) days of the Company providing such holder with written notice accelerating the Warrant expiry date, provided that that the daily volume weighted average price (or closing bid price on days when there are no trades) of the Common Shares on the TSX Venture Exchange (the “Exchange”) is at least $0.15 for a minimum of twenty (20) consecutive trading days prior to such written notice from the Company being provided.
The Acquisition was an Arm’s Length Transaction, as such term is defined in the policies of the Exchange, and no finder’s fees are payable in connection with the Acquisition. The Acquisition was completed as an expedited transaction pursuant to Exchange Policy 5.3 – Acquisitions and Dispositions of Non-Cash Assets and remains subject to final acceptance of the Exchange.
Source: Company Press Release