Mr. David Moore reports
NORTHWEST COPPER ANNOUNCES PROPERTY SALE AGREEMENT
Northwest Copper Corp. has entered into a property sale agreement with Alpha Copper Corp. whereby Alpha will acquire a 100-per-cent interest in a series of mineral claims located in the province of British Columbia commonly referred to as the Okeover copper (molybdenum) project, subject to 2-per-cent net smelter return to be retained by the company.
Pursuant to the agreement, Alpha has agreed to issue to Northwest common shares of Alpha 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 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-per-cent royalty on the sale of all ores, dore, concentrates, metals, minerals and mineral byproducts 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-million.
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 totalling 4,614 hectares and is beneficially owned 100 per cent by Northwest, subject to the agreement.
About Northwest Copper Corp.
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 1 jurisdiction, Northwest Copper is well positioned to participate fully in a strengthening global copper market. The company is committed to responsible mineral exploration which involves working collaboratively with first nations to ensure future development incorporates stewardship best practices and traditional land use.
We seek Safe Harbor.
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