On February 13, 2024, Copper Road Resources Inc., Sterling Metals Corp., and 100797918 Ontario Inc. (“Subco”), a wholly-owned subsidiary of Copper Road, entered into an arm’s length definitive share purchase agreement, whereby Sterling has agreed to acquire a 100% interest in the 24,000 hectare Copper Road Project located in Batchewana Bay, Ontario (“Project”).
Pursuant to the terms of the agreement, Sterling will acquire Subco, which will hold the Project immediately prior to the completion of the transaction, in consideration for the issuance to Copper Road of such number of common shares in capital of Sterling that will equal to 49% of the issued and outstanding shares together with aggregate cash payments of $460,000 to Copper Road. The cash payments are to be comprised of $200,000 (which was paid on execution of the agreement), and $260,000 upon closing of the transaction. Copper Road will distribute at least 90.1% of the shares of Sterling it is to receive on completion of the transaction to its shareholders on pro rata basis.
Cassels is acting for Copper Road.