On May 10, 2024, Copper Road Resources Inc. completed the sale of its 100% interest in the 24,000-hectare Copper Road Project located in Batchewana Bay, Ontario to Sterling Metals Corp.
Pursuant to the terms of the definitive share purchase agreement, Sterling acquired a wholly-owned subsidiary of Copper Gold, which holds the Copper Road Project, in consideration for: (i) a payment of $460,000 in cash; and (ii) the issuance of an aggregate of 108,087,669 common shares of Sterling, of which Copper Road retained 21,838,123 shares, representing approximately 9.9% of the issued and outstanding common shares of Sterling. The remaining 86,249,546 common shares of Sterling were distributed to shareholders of Copper Road on pro rata basis.
Cassels acted for Copper Road.