Carube Signs Agreement for the Sale of Six Non-Core Exploration Licences
Initial cash payments total $US210,000
Toronto, Ontario--(Newsfile Corp. - June 19, 2019) - Carube Copper Corp. (TSXV: CUC) ('Carube' or 'the Company') is pleased to announce the Company has signed an Agreement with Geophysx Jamaica Ltd ('Geophysx') pursuant to which Geophysx has agreed to acquire six of the Company's Special Exclusive Prospecting Licenses ('SEPLs') located in Jamaica, West Indies. The SEPLs contain early stage copper-gold exploration projects and includes the Belvedere, Mount Royal, Mount Ogle, Berkshire Hall, Windsor Castle and the Shirley Castle SEPLs. (locations here) Geophysx is a private, Jamaica based mineral exploration company focused on the exploration and development of base and precious metal deposits. The completion of the transaction is subject to certain conditions as described below.
Commercial Terms Overview.
Pursuant to this Agreement, Geophysx will acquire a 100% interest in each of the Projects subject to the following (all dollar amounts in USD):
Geophysx will make the following cash payments, totalling $210,000 (the "Purchase Price").
On signing, Geophysx will pay to the Company the sum of $5,000.
On successful transfer of title to Geophysx, Geophysx will pay from Trust, $205,000
Carube retains an NSR on the four SEPL's. Geophysx will have the right to acquire a portion of the NSRs for cash consideration.
Geophysx will pay Carube cash payments on production milestones that could total $240,000
Mr. Stephen Hughes, CEO, commented: "The signing of this agreement is just another step to position Carube for near term growth and creating long-term value for all stakeholders. Completing the transaction will provide the Company with additional cash to continue the exploration development of the company's highly prospective Main Ridge and Bellas Gate exploration projects and aid in the global search for advanced stage copper - gold assets. The sale of these SEPL's is consistent with the company's strategy of monetizing value from within its non-core assets and the vision of building a successful mid tier copper-gold company."
The transaction is expected to close on or before June 30th 2019
ABOUT CARUBE COPPER
Carube Copper is focused on creating substantive long-term value for its shareholders through the discovery and development of world class copper and gold deposits. Carube currently holds a 100% interest in 11 licenses covering 535 km2 of highly prospective copper-gold terrain in Jamaica, and a 100% interest in three porphyry copper-gold properties covering 492 km2 within the Cascade Magmatic Arc in southwestern British Columbia. Carube is actively searching for additional high potential copper and gold properties to add to its portfolio.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Carube Copper Corp. provides no assurance that actual results will meet management's expectations. Factors which cause results to differ materially are set out in the Company's documents filed on SEDAR. Undue reliance should not be placed on "forward looking statements".
IMPORTANT NOTICE: Carube Copper hereby incorporates the entire disclaimer set forth on its website at http://www.carubecopper.com/uploads/1/6/5/2/16521880/disclaimers-and-forward-statements.pdf
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45728