universal copper announces purchase agreement with ba copper corporation
Vancouver, British Columbia, August 31, 2021 – Universal Copper Ltd. ("Universal Copper" or the "Company") (TSX Venture: UNV) (Frankfurt: 3TA1) is pleased to announce that it has signed a purchase agreement (the “Purchase Agreement”) to acquire 100% of the issued and outstanding shares of BA Copper Corporation (“BA Copper”).
BA Copper holds 4,631 hectares contiguous to the southwest corner of the flagship Poplar Copper Project (the “Poplar”). These new claims increase the property size to over 61,600 hectares and now makes Poplar contiguous to the Surge Copper Corp.’s Berg copper deposit.
Terms of the Purchase Agreement
Pursuant to the terms of the Purchase Agreement, the total consideration payable by the Company to acquire 100% of the issued and outstanding shares of BA Copper is an aggregate of 4,500,000 common shares in the capital of the Company ("Common Shares").
All the Common Shares issued in connection with the Purchase Agreement are subject to applicable securities legislation. The Purchase Agreement is subject to all regulatory approval, including the approval of the TSX Venture Exchange (the “TSXV”).
Clive Massey Universal Copper’s CEO and President commented, “Combining the contiguous BA Copper properties with our own ground represents the consolidation of a district-scale land package in a favorable geological setting where the Poplar has had prior sample and significant drill results that yielded impressive copper values but lacked in adequate systematic follow up. As we have previously announced, the Company has obtained all the permits required to commence a 2021 Phase 1 drill program for the Poplar copper deposit, with approximately half of the program being directed at expanding the deposit to the west where it remains open and at depth. With the strengthening copper market brought on by the continually increasing adoption rates of Electric Vehicles, electrification, and emerging economies worldwide, this new land package is an important piece of puzzle for the Company."
About Universal Copper
Universal Copper Ltd. is a Canadian-based copper exploration company focused on the acquisition and exploration of copper properties. The Company's management team has many years of experience in exploration, finance and efficient public company management. Universal's current focus is on advancing the Poplar Copper Project, one of the most advanced pre-production copper projects in British Columbia with a historic 43-101 resource.
For additional information, please visit the Company's website at www.universalcopper.com
ON BEHALF OF THE BOARD OF DIRECTORS
Clive H. Massey
President & CEO
For further information, please contact:
Phone: (604) 341-6870
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Universal Copper Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Universal Copper Ltd. management on the date the statements are made. Except as required by law, Universal Copper Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.