VANCOUVER, BC, CANADA, November 18, 2020 /EINPresswire.com/ — Copper North Mining Corp. (TSX.V: COL) ("Copper North") is pleased to announce that it has obtained a final order from the Supreme Court of British Columbia approving its previously announced plan of arrangement (the "Arrangement"), pursuant to which, among other things, Granite Creek Copper Ltd. ("Granite Creek") will acquire all of the issued and outstanding common shares of Copper North ("Copper North Shares") it does not already own.
The final order follows shareholder approval of the Arrangement at Copper North's shareholder meeting held on November 13, 2020. At the meeting, Copper North shareholders voted approximately 99% in favour of the Arrangement (on both the special majority and minority shareholder approval votes). At the meeting, Copper North shareholders also voted against the settlement of certain debt in the aggregate amount of $880,957, pursuant to which Copper North would have issued 17,619,140 Copper North Shares to a former officer.
The Arrangement remains subject to the satisfaction of certain customary closing conditions. It is currently expected that the transaction will close on or about November 30, 2020.
About Copper North Mining
Copper North Mining Corp. is a Canadian exploration and development company focused on the 100%-owned Carmacks Cu-Au-Ag project located in the Minto copper district in the central Yukon Territory of Canada. The Minto district is a 180 km long by 60 km wide belt of intrusion related Cu-Au-Ag deposits including Pembridge Resources' Minto mine, Granite Creek's Stu project, and Copper North's Carmacks project.
This press release contains “forward-looking information”, as such term is defined in applicable Canadian securities legislation that reflects the current views and/or expectations of Copper North with respect to its business and future events, including expectations respecting the closing of the Arrangement. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates, and forecasts about the business and the markets in which the companies operate, including that the parties will satisfy or waive all conditions required to complete the transactions under the Agreement, including receipt of all required regulatory approvals and that historical exploration results will be confirmed. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with Copper North’s expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, any inability to realize upon expected synergies between Granite Creek’s and Copper North’s projects and that the parties may not receive all required approvals or satisfy all conditions required under the Agreement. These risks, as well as others, including those set forth in Copper North’s filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. Copper North does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange nor it's 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Copper North Mining Corp.
John Cumming, President and CEO
Telephone: 1 (604) 618-4262
Copper North Mining
Source: EIN Presswire