TORONTO, July 3, 2014 /CNW/ - Copper One Inc. (CUO-TSX:V)("Copper One" or the "Company") has appointed the Honourable Pierre S. Pettigrew, p.c. as Strategic Advisor to the Board of Directors.
Pierre Pettigrew has had a distinguished career in both the public and private sectors. From January 1996 to February 2006, he served as a member of the Government of Canada where he led a number of senior government departments in successive Canadian governments. Among other positions, he served Canada as the Minister of Foreign Affairs, the Minister of International Trade and the Minister for International Cooperation. Pierre Pettigrew currently works with Deloitte & Touche LLP in the role of Executive Advisor, International.
Scott Moore, Copper One's President and Chief Executive Officer, commented: "We welcome the Honourable Pierre Pettigrew as Strategic Advisor to the Board of Directors. His valuable insight and leadership will greatly benefit the Company as we continue to focus on developing Copper One's mineral projects in Quebec."
In connection with the appointment, Copper One has granted Pierre Pettigrew 100,000 stock options. The stock options vest immediately, subject to a four month regulatory hold period, and may be exercised at a price of $0.07 per option for a period of five years from the date of grant. The grant of options is subject to the approval of the TSX Venture Exchange.
Shares for Debt Settlement
Copper One has entered into a shares for debt settlement agreement whereby Copper One will issue 2,000,000 common shares at a deemed price per share of $0.05 and pay $5,000 in cash in settlement of accounts payable totaling $105,000 owing to Axemen Resource Capital Ltd. on account of capital markets and financial advisory services. The shares for debt settlement is subject to the approval of the TSX Venture Exchange.
About Copper One
Copper One is focused on developing high-value copper and gold projects in leading mining jurisdictions. The Company is part of the Forbes & Manhattan Group of Companies, which has built, operated and sold mines in Canada and globally. The Copper One portfolio includes the Rivière Doré copper-nickel project, located near Val d'Or, Quebec, and the Queylus copper-gold project, located in the Chibougamau mining district in Quebec. On April 8, 2014, Copper One entered into a purchase agreement to acquire from FQM (Akubra) Inc. ("FQM Akubra"), a wholly-owned subsidiary of First Quantum Minerals Ltd., the past-producing Trolius mine located near Chibougamau, Quebec. Copper One is working to satisfy the closing conditions under the purchase agreement with FQM Akubra.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the impact on the Company of the appointment of Pierre Pettigrew as Strategic Advisor to the Board of Directors, the Company's plans for developing its mineral properties and the completion of the acquisition of the Troilus mine. 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 the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company 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. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE Copper One Inc.