Carube Copper Receives Cash and Shares from Tocvan Ventures to start Earn-In at Rogers Creek Copper Project, BC
TSX VENTURE: CUC
Company Reports Results from AGM
Toronto, Ontario--(Newsfile Corp. - March 13, 2019) - Carube Copper Corp. (TSXV: CUC) is pleased to report that it has received 500,000 common shares of Tocvan Ventures Corp. (Tocvan) and has also been paid $25,000 (Cdn.) pursuant to the terms of a property option agreement between the Corporation and Tocvan dated May 23, 2018, as amended (the "Option Agreement"). Tocvan has an option to acquire up to an 80% interest in the Rogers Creek Property which covers 212.34 km2 in the Cascade Magmatic Arc of British Columbia, about 90 km northeast of Vancouver, British Columbia, in the Lillooet Mining District. The Property consists of 47 mineral claims and is being explored for porphyry-style copper-gold mineralization. In order to maintain in force the option granted to it under the Option Agreement, and to exercise the option, Tocvan must incur the following expenditures on the Rogers Creek Property:
- Issue 200,000 common shares to Carube and complete a $200,000 work commitment within 30 days of the first anniversary of the listing date on the CSE;
- Issue 200,000 common shares to Carube and complete a $300,000 work commitment within 30 days of the second anniversary of the listing date on the CSE; and
- Issue 200,000 common shares to Carube and complete a $400,000 work commitment within 30 days of the third anniversary of the listing date.
- Issue 200,000 common shares to Carube and complete a $1,000,000 work commitment within 30 days of the fourth anniversary of the listing date.
Stephen Hughes, Carube Copper's CEO and President remarks, "We are extremely pleased to see Tocvan go public and fulfill their commitment to explore at the Rogers Creek Copper Project. The company is anticipating a fruitful exploration season there this year with the Tocvan team funding and operating the program. This Joint Venture with Tocvan represents the first of several that the company expects to negotiate and complete on its non-core assets in the near term. Carube also intends to acquire new property assets for addition to its portfolio. A number of quality projects are currently under advanced review."
Carube would also like to announce the results from its Annual General and Special Meeting ("AGM") held in Toronto, Ontario, on March 2, 2019.
More than 31% of the record date outstanding shares of the Company were represented at the meeting by proxy or in person. All of the matters submitted to the shareholders for approval set forth in the Company's Notice of Meeting and Information Circular dated January 16, 2019, were approved by more than 99% of votes cast; including the re-election of Tony Manini, Alar Soever, Zimi Meka, Stephen Hughes and Yale Simpson as directors.
The appointment of PricewaterhouseCoopers LLP as auditors was confirmed.
The Stock Option Plan and the reservation for issuance of the maximum number of shares permitted under the plan was approved by in more than 99% of votes cast at the meeting.
The officers of the company are:
Mr. Antony Manini, B.Sc. (Hons), FAusIMM, FSEG, Chairman of the Board, Independent Director
Mr. Stephen Hughes, B.Sc. (Geology), President and Chief Executive Officer
Mr. Jeffrey Ackert, B.Sc. (Geology), VP Business Development
Mr. John McNeice, CA, CPA, Chief Financial Officer
Mr. Chris Irwin, B.A., LL.B., Corporate Secretary and Counsel
About Carube Copper
Carube is focused on the exploration and development of copper and gold projects in Jamaica and Canada. In Jamaica, Carube Copper holds a 100% interest in 11 licenses, totalling 535 square kilometres. In Canada, it holds a 100% interest in three porphyry copper-gold-molybdenum properties, totalling 492 square kilometres within the Tertiary-aged Cascade Magmatic Arc in southwestern British Columbia.
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 release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management's expectations. Factors which cause results to differ materially are set out in the Company's documents filed on SEDAR. Undue reliance should not be placed on "forward looking statements".
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