NorthWest Copper Announces Property Sale Agreement
25 September 2023 - 8:00PM
NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST)
(OTCQX: NWCCF) is pleased to announce that it has entered into a
property sale agreement (the “Agreement”) with Alpha Copper Corp.
(“Alpha”) (CSE:ALCU) whereby Alpha will acquire a 100% interest in
a series of mineral claims located in the province of British
Columbia commonly referred to as the “Okeover Copper (molybdenum)
Project” (the “Property”), subject to 2% net smelter return to be
retained by the Company (the “NSR Royalty”).
Pursuant to the Agreement, Alpha has agreed to
issue to NorthWest common shares of Alpha (the “Shares”) having an
aggregate value of $500,000 at a deemed price per Share, to be
calculated on the closing date in accordance with the terms of the
Agreement. One-half (50%) of the Shares will be subject to a
12-month lock-up. The Shares will also be subject to a statutory
hold period in accordance with applicable securities laws.
The NSR Royalty will entitle NorthWest to a 2%
royalty on the sale of all ores, doré, concentrates, metals,
minerals and mineral by-products that are produced or extracted by
or on behalf of Alpha from the Property, which may be bought down
by Alpha by one half with a cash payment of $1,000,000.
The Agreement remains subject to approval by the
Canadian Securities Exchange.
Okeover Property
Description
The Property is located near Powell River on the
southern British Columbia coast. It consists of 12 contiguous
claims totaling 4,614 hectares and is beneficially owned 100% by
NorthWest, subject to the Agreement.
About NorthWest Copper:
NorthWest Copper is a copper-gold explorer and
developer with an exciting pipeline of projects in British
Columbia. With a robust portfolio in a tier one jurisdiction,
NorthWest Copper is well positioned to participate fully in a
strengthening global copper market. We are committed to responsible
mineral exploration which involves working collaboratively with
First Nations to ensure future development incorporates stewardship
best practices and traditional land use. Additional information can
be found on the Company’s website at www.northwestcopper.ca.
On Behalf of the Board of Directors of NorthWest Copper
Corp.“David Moore”Director, Interim President and CEO
For further information, please
contact:Peter Lekich, Director Investor RelationsTel:
778-389-2446Email: plekich@northwestcopper.ca
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
Cautionary Statement Regarding
Forward-Looking Statements
All statements in this press release about
anticipated future events or results constitute forward-looking
statements including, but not limited to, statements with respect
to: those that address the anticipated closing of the Agreement and
necessary approvals for the closing of the Agreement.
Forward-looking statements are often, but not always, identified by
the use of words such as “seek”, “anticipate”, “believe”, “plan”,
“estimate”, “expect” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. All statements, other than
statements of historical fact, included herein, are forward-looking
statements, and include: approval by the Canadian Securities
Exchange of the Agreement; and any earnings in connection with the
NSR Royalty. Although NorthWest believes that the expectations
reflected in such forward-looking statements and/or information are
reasonable, undue reliance should not be placed on forward-looking
statements since NorthWest can give no assurance that such
expectations will prove to be correct. These statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking statements, including the
risks, uncertainties and other factors identified in NorthWest’s
periodic filings with Canadian securities regulators.
Forward-looking statements are subject to business and economic
risks and uncertainties and other factors that could cause actual
results of operations to differ materially from those contained in
the forward-looking statements. Important factors that could cause
actual results to differ materially from NorthWest’s expectations
include risks associated with the business of NorthWest; risks
related to reliance on technical information provided by NorthWest;
risks related to exploration and potential development of the
Company’s mineral properties; business and economic conditions in
the mining industry generally; fluctuations in commodity prices and
currency exchange rates; uncertainties relating to interpretation
of drill results and the geology, continuity and grade of mineral
deposits; the need for cooperation of government agencies and First
Nation groups in the exploration and development of properties and
the issuance of required permits; the need to obtain additional
financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration or development programs and uncertainty of
meeting anticipated program milestones; uncertainty as to timely
availability of permits and other governmental approvals including
TSXV approval of the Transaction; and other risk factors as
detailed from time to time and additional risks identified in
NorthWest’s filings with Canadian securities regulators on SEDAR+
in Canada (available at www.sedarplus.ca ).
Forward-looking statements are based on estimates and opinions of
management at the date the statements are made. NorthWest does not
undertake any obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
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