VANCOUVER, BC, CANADA, October 11, 2018 /EINPresswire.com/ — Granite Creek Gold Ltd. (NEX: GCX.H) (“Granite Creek” or the “Company”) announces that, subject to regulatory approval, the Company will change its name to Granite Creek Copper Ltd. There is no consolidation of stock with the name change, and the Company will continue to trade under the symbol "GCX.H" on the NEX Exchange.
The Company also announces that it has joined the Metallic Group of Companies, a Vancouver-based collaboration of leading precious and base metals exploration companies focused on highly prospective brownfields exploration assets in North America.
As detailed in the announcement on September 14, 2018, Granite Creek has made an application to the TSX Venture Exchange to graduate from the NEX Exchange as a mining issuer through completion of a qualifying property acquisition and concurrent financing.
For the qualifying property transaction, Granite Creek has entered into an agreement to acquire an undivided 100% interest in the 111 square kilometer STU Copper Project located in the Carmacks copper district within Canada’s Yukon Territory. The STU Copper Project is on trend with the high-grade Minto copper mine to the north and directly adjacent to Copper North’s Carmacks Project to the south. Completion of the acquisition is subject to regulatory approval.
The concurrent non-brokered private placement financing now underway will be for gross proceeds of up to $1,800,000 in Granite Creek Copper Ltd. All securities issued pursuant to the financing will be subject to applicable securities laws and the rules and policies of the TSXV. Granite Creek intends to use the net proceeds from the financing to fund exploration and development activities on the STU Copper Project and general corporate purposes. The Company expects to complete the financing concurrently with the completion of the property acquisition.
"This is an exciting period of development for the Granite Creek as we undertake this financing and key acquisition of the STU Copper Project in the high-grade Carmacks copper district. As part of this process, we will be adding to the management and assembling a technical team to lead the Company forward. The change in our corporate identity reflects our core focus of building a leading copper exploration company,” stated Mr. Timothy Johnson, President and CEO of Granite Creek. “We are also pleased to join the Metallic Group of Companies, a collaboration of leading precious and base metal exploration companies, with a common approach to business that utilizes a multi-discipline, systematic approach to exploration to drive new discoveries and deliver growth for the member companies."
About Granite Creek Copper
Granite Creek is a newly-launched copper focused exploration company. The company is acquiring the STU Copper Project located in the Yukon’s high-grade Carmacks copper district adjacent to Capstone Mining’s high-grade Minto Cu-Au-Ag mine and Copper North’s Carmacks Cu-Au-Ag project.
About The Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies focused on high-potential, brownfields exploration assets adjacent to high-grade operating mines in proven in North American districts with excellent infrastructure. Focusing exploration in these proven brownfields districts increases the probability of new discoveries and allows for rapid advancement of resources to create value.
Member companies have highly experienced management and technical teams with track records of successful discovery and project development, including capital markets and financing expertise. Metallic Group professional backgrounds include former leadership positions with Barrick Gold, Goldfields, Stillwater Mining and leading explorer/developers NovaGold, Trilogy Metals and Wellgreen Platinum. Company leaders have been credited with the discovery or expansion and advancement of several major deposits in North America and have significant ownership positions in the companies.
The Group and its members are headquartered in Vancouver, BC, Canada, with company stocks currently listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
Metallic Group: www.metallicgroup.ca
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to completion of the Transaction, the Financing and the timing thereof, the expected use of proceeds from the Financing and completion of the Company's reactivation and graduation to Tier 2 of the TSXV and the timing thereof are forward-looking statements that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the Company's ability to obtain regulatory approval and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the 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.
Source: EIN Presswire