FULL DISCLOSURE: This is sponsored content for Canadian Copper.
Canadian Copper (CSE: CCI) has completed the sale of its Turgeon project in New Brunswick. Originally announced in the first quarter of 2024, the company saw the project sold to ASX-listed Eastern Metals Limited, which is to be renamed Raptor Resources.
The asset sale saw Canadian Copper receive consideration that consisted of $1.46 million in cash, along with 27.3 million shares of Eastern Metals and 8.3 million EMS performance rights. Those common shares are expected to be free-trading in December, while the performance rights are valid through December 15, 2030.
“We are confident that New Brunswick is as an excellent jurisdiction to discover, permit, build, and operate new critical mineral mines. This is excellent news to see now a growing list of companies like Raptor deploy their exploration expertise and capital in the Bathurst Camp. We will watch your progress with great interest,” commented Simon Quick, CEO of Canadian Copper.
WATCH: Canadian Copper: The $172M Combined Strategy PEA
The sale follows Canadian Copper electing to prioritize the development of its Murray Brook deposit within New Brunswick’s Bathurst Mining Camp. The project is expected to be developed in conjunction with the soon-to-be-acquired Cariboo Processing Complex under what has been referred to as the “Combined Strategy.” The development strategy culminates in a project with an after-tax net present value of $172 million, for which permitting is expected to be advanced this year.
Canadian Copper last traded at $0.56 on the CSE.
FULL DISCLOSURE: Canadian Copper is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Copper. The author has been compensated to cover Canadian Copper on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
