16:14:45 EDT Sun 21 Apr 2024
Enter Symbol
or Name
USA
CA



Northwest Copper Corp
Symbol NWST
Shares Issued 190,177,280
Close 2023-09-26 C$ 0.155
Market Cap C$ 29,477,478
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Northwest Copper board elects Sawiak as chairman

2023-09-27 09:31 ET - News Release

Mr. Grant Sawiak reports

NORTHWEST COPPER PROVIDES UPDATE ON BOARD TRANSITION

Northwest Copper Corp. has provided an update on the transition of the company under the stewardship of its newly elected board of directors. The board has elected Grant Sawiak as its chair.

The board will be working closely with existing management to address the concerns of the shareholders and to move the company forward in the interest of all stakeholders. To this end, the board has formed a technical committee comprising Jim Steel and John Theobald to urgently review all available technical information of Northwest's copper properties. The technical committee will work with senior management to recommend the company's technical strategy that will ensure that the projects' full potential is established through a well-defined and targeted program that recognizes both the company's stage of development and access to capital. The board expects to update the market on its revised strategy during the fourth quarter of 2023.

Braam Jonker was elected as lead independent director and chair of the audit committee. Mr. Jonker, working with the chief financial officer, will review the finance strategy and cost structure of the company to recommend changes that will ensure that the financial needs of the projects are met in ways that better align with the interests of all stakeholders and that non-projects related expenses are appropriate for the size of the company.

Mr. Sawiak, chair of the board, commented: "We are very pleased with the outcome of the shareholder vote and appreciate the urgency, complexity and importance of the task that lies ahead.

"We want to unlock the value of the projects and restore the confidence of shareholders in the company through focusing our efforts on a value-driven exploration program and deploying capital where shareholders can get maximum return on their investment. The latter will also involve a review of the cost structure of the company and ensuring that our costs are appropriate for a company our size.

"We will work closely with our management team, local communities, regulatory authorities and all other stakeholders in an effort to deliver the full potential of the projects. We will keep the market informed through regular communication of our progress as we embark on this new chapter in the evolution of Northwest."

We seek Safe Harbor.

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