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VANCOUVER, B.C., Jan. 25, 2024 (GLOBE NEWSWIRE) — Common Copper Ltd. (“Common Copper” or the “Firm”) is happy to announce that it has obtained $150,000 (the “Principal Quantity”) from an arm’s size lender (the “Lender”) pursuant to the phrases and situations of a convertible mortgage settlement (the “Mortgage Settlement”) entered into between the Firm and the Lender. The Principal Quantity will change into due and payable on Could 28, 2024 (the “Maturity Date”), topic to acceleration in sure situations, and is secured in opposition to the belongings of the Firm. No curiosity will accrue on the Principal Quantity previous to the Maturity Date, nevertheless, following the Maturity Date or an occasion of default, the Principal Quantity will accrue curiosity at a price of 15% every year. Upon an occasion of default that has not been remedied, the Lender has the choice to elect to transform all or a portion of the Principal Quantity into widespread shares within the capital of the Firm (the “Shares”) at a worth of (i) $0.05 per Share if the Lender supplies the Firm with its election to transform the Principal Quantity into Shares inside one yr from the date the Principal Quantity is superior to the Firm, or (ii) $0.10 per Share if the Lender supplies the Firm with its election to transform the Principal Quantity into Shares after one yr from the date the Principal Quantity is superior to the Firm.
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The Firm intends to make use of the Principal Quantity to fulfill the excellent money possibility fee with respect to the Poplar Copper Mission.
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All securities issued in reference to the Mortgage Settlement will probably be topic to a statutory maintain interval of 4 months plus a day commencing from the date of distribution in accordance with relevant Canadian securities legal guidelines.
About Common Copper
Common Copper is a Canadian-based copper exploration firm centered on the acquisition and exploration of copper properties. The Firm’s administration crew has a few years of expertise in exploration, finance, and environment friendly public firm administration. Common Copper’s present focus is on advancing the Poplar Copper Mission, one of the superior pre-production copper initiatives in British Columbia with a historic 43-101 useful resource.
For added info, please go to the Firm’s web site at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive Massey”
Clive H. Massey
President & CEO
For additional info, please contact:
Investor Relations
Cellphone: (604) 341-6870
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Cautionary Assertion Concerning “Ahead-Wanting” Info
This information launch comprises sure statements that could be deemed “forward-looking” statements. Ahead trying statements are statements that aren’t historic details and are typically, however not all the time, recognized by the phrases “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “initiatives”, “potential”, and related expressions, or that occasions or situations “will”, “would”, “might”, “might” or “ought to” happen. Though the Firm believes the expectations expressed in such forward-looking statements are primarily based on affordable assumptions, such statements are usually not ensures of future efficiency and precise outcomes might differ materially from these in ahead trying statements. Ahead trying statements are primarily based on the beliefs, estimates and opinions of the Firm’s administration on the date the statements are made. Besides as required by legislation, the Firm undertakes no obligation to replace these forward-looking statements within the occasion that administration’s beliefs, estimates or opinions, or different components, ought to change.
Neither TSX Enterprise Change nor its Rules Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
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