Copper One Announces Shares for Debt Settlement
TORONTO, ONTARIO--(Marketwired - Aug. 19, 2016) - Copper One Inc. (TSX VENTURE:CUO) ("Copper One" or the "Company") has entered into a settlement agreement with a creditor (the "Settlement Agreement") to settle an aggregate of CDN$611,250 of debt in consideration for the issuance of an aggregate of 4,701,923 common shares of the Company at a deemed price of CDN$0.13 per common share (the "Shares for Debt Settlement").
The board and management of Copper One believe that the proposed Shares for Debt Settlement is in the best interests of the Company because it allows the Company to preserve its funds for operations.
The Shares for Debt Settlement will not create a new control person holding more than 20% of the issued and outstanding common shares of the Company.
The Shares for Debt Settlement is subject to the approval of the TSX Venture Exchange. The common shares issued pursuant to the Shares for Debt Settlement will be subject to a statutory four month and one day hold period.
About Copper One
Copper One is focused on developing the Rivière Doré property located near Val d'Or, Quebec covering the base of the Bouchette anorthositic complex which spans over 80 km.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Shares for Debt Settlement and the future plans or prospects of the Company. 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 Copper One, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Copper One 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. Copper One does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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