TORONTO, July 3, 2014 /CNW/ - Copper One Inc.
(CUO-TSX:V)("Copper One" or the "Company") has appointed the
Honourable Pierre S. Pettigrew, p.c. as Strategic Advisor to the
Board of Directors.
Pierre Pettigrew has had a
distinguished career in both the public and private sectors. From
January 1996 to February 2006, he served as a member of the
Government of Canada where he led
a number of senior government departments in successive Canadian
governments. Among other positions, he served Canada as the Minister of Foreign Affairs, the
Minister of International Trade and the Minister for International
Cooperation. Pierre Pettigrew
currently works with Deloitte & Touche LLP in the role of
Executive Advisor, International.
Scott Moore, Copper One's
President and Chief Executive Officer, commented: "We welcome the
Honourable Pierre Pettigrew as Strategic Advisor to the Board of
Directors. His valuable insight and leadership will greatly benefit
the Company as we continue to focus on developing Copper One's
mineral projects in Quebec."
In connection with the appointment, Copper One has granted
Pierre Pettigrew 100,000 stock
options. The stock options vest immediately, subject to a four
month regulatory hold period, and may be exercised at a price of
$0.07 per option for a period of five
years from the date of grant. The grant of options is subject to
the approval of the TSX Venture Exchange.
Shares for Debt Settlement
Copper One has entered into a shares for debt settlement
agreement whereby Copper One will issue 2,000,000 common
shares at a deemed price per share of $0.05 and pay
$5,000 in cash in settlement of
accounts payable totaling $105,000
owing to Axemen Resource Capital Ltd. on account of capital markets
and financial advisory services. The shares for debt settlement is
subject to the approval of the TSX Venture Exchange.
About Copper One
Copper One is focused on developing high-value copper and gold
projects in leading mining jurisdictions. The Company is part of
the Forbes & Manhattan Group of Companies, which has built,
operated and sold mines in Canada
and globally. The Copper One portfolio includes the Rivière Doré
copper-nickel project, located near Val
d'Or, Quebec, and the Queylus copper-gold project, located
in the Chibougamau mining district
in Quebec. On April 8, 2014, Copper One entered into a purchase
agreement to acquire from FQM (Akubra) Inc. ("FQM Akubra"), a
wholly-owned subsidiary of First Quantum Minerals Ltd., the
past-producing Trolius mine located near Chibougamau, Quebec. Copper One is working to
satisfy the closing conditions under the purchase agreement with
FQM Akubra.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward‑looking information" within
the meaning of applicable Canadian securities legislation.
Forward‑looking information includes, but is not limited to,
statements regarding the impact on the Company of the appointment
of Pierre Pettigrew as Strategic
Advisor to the Board of Directors, the Company's plans for
developing its mineral properties and the completion of the
acquisition of the Troilus mine. Generally, forward‑looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved".
Forward‑looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward‑looking information, including but not limited to: general
business, economic, competitive, political and social
uncertainties; the actual results of current exploration
activities; future prices of mineral prices; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes and shortages and other risks of the mining industry.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward‑looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
NEITHER 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 Copper One Inc.