/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Oct. 7, 2024
/CNW/ - Culico Metals Inc. (TSXV: CLCO) ("Culico", or
the "Corporation"), a TSXV Sandbox Listing, is pleased
to announce the appointment of Mr. Scott
Hand as Lead Director of the Corporation.
Mr. Hand is a seasoned mining executive with over 47 years of
experience in the mining industry. He previously served as Chairman
and CEO of Inco Ltd. before its acquisition by Vale for
US$19 billion in 2007. Mr. Hand has
held directorships with several resource companies, including
serving as Lead Director of Karora Resources Inc. until its
acquisition by Westgold Resources Limited for C$1.1 billion in August
2024. He was also a director of Fronteer Gold Inc., which
was sold to Newmont Mining Corporation in 2011 for US$2.3 billion, and of China state-owned Chinalco Mining Corporation
International, which operates the Toromocho Copper Mine in
Peru.
"We are thrilled to announce Scott has agreed to serve
as the inaugural Lead Director," said Paul Huet, Chairman of Culico Metals Inc.
"Scott's extensive experience and proven leadership in the mining
sector over several decades will be invaluable to Culico. Karora
shareholders will remember Scott well given his excellent
stewardship as Lead Director of Karora Resources leading to its
eventual merger with Westgold Resources earlier this year. We are
looking forward to continued input from Scott as we advance our
corporate strategy."
Grant of Stock Options
The Corporation also announces that it has granted a total of
5,025,000 stock options to directors and officers of the Company.
The options are exercisable at a price of C$0.105 per share and will expire three years
from the date of issuance. Pursuant to the enhanced vesting
requirements of TSXV Sandbox, the options may not be exercised
until the date on which the TSX Venture Exchange has accepted
Culico's exit from TSXV Sandbox, confirming Culico has met all TSXV
Sandbox listing requirements. The grant of options is subject to
acceptance by the TSX Venture Exchange and TSXV Sandbox
requirements.
About Culico Metals Inc.
Culico is a company focused on creating value in the mineral
exploration, development and production sector. Culico's current
assets include a 1% lithium royalty on certain mining interests
held by Kali Metals Limited (ASX: KM1) and the right to receive a
deferred consideration payment due to the on-sale of the Dumont
project. The Dumont project is a large-scale nickel deposit located
25 km west of the town of Amos in
the established Abitibi mining camp in the mining-friendly Canadian
province of Québec. Culico holds an interest in the net proceeds
from a future sale or other monetization event involving the Dumont
project.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain "forward-looking
statements" under applicable Canadian securities laws concerning
the business, operations and financial performance and condition of
Culico. Except for statements of historical fact relating to
Culico, all statements included herein are forward-looking
statements. The words "believe", "expect", "strategy", "target",
"plan", "scheduled", "commitment", "opportunities", "guidance",
"project", "continue", "on track", "estimate", "growth",
"forecast", "potential", "future", "extend", "planned", "will",
"could", "would", "should", "may" and similar expressions typically
identify forward-looking statements. In particular, this news
release contains forward-looking statements including, without
limitation, information and statements regarding: the acceptance by
the TSX Venture Exchange of the grant of options and each holder's
ability to exercise such options; Culico's ability to exit from
TSXV Sandbox and the business and operations of Culico.
Forward-looking statements are necessarily based on the
opinions and estimates of management at the date the statements are
made and are based on a number of assumptions and subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of Culico and there is no assurance they will prove to be
correct.
These factors are discussed in greater detail in Culico's
TSXV Form 2B – Listing Application, filed under the Corporation's
issuer profile on SEDAR+, which also provides additional general
assumptions in connection with these statements. Culico cautions
that the foregoing list of important factors is not exhaustive.
Investors and others who base themselves on forward-looking
statements should carefully consider the above factors as well as
the uncertainties they represent and the risk they entail.
Although Culico has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Culico
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements. Comparative market information is as of a date prior to
the date of this document. Further, the forward-looking statements
included herein speak only as of the date of this news
release.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news release.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Investors are advised that the Corporation has been listed on
TSXV as a TSXV Sandbox Listing as the Corporation did not meet all
TSXV's listing requirements at the time of listing.
Investors are advised to read the Corporation's news release
dated August 14, 2024 to review all
waivers granted in connection with the Corporation's listing,
details on the listing conditions imposed on the Corporation, the
exit conditions the Corporation must meet in order to exit TSXV
Sandbox, and any consequences if the Corporation does not meet
these exit conditions. There can be no assurance that
the Corporation will meet all the Exit Conditions. For details on
TSXV Sandbox, please visit
(https://www.tsx.com/en/listings/tsx-and-tsxv-issuer-resources/tsx-venture-exchange-issuer-resources/tsxv-sandbox).
SOURCE Culico Metals Inc.
