Ascendant Copper Completes Acquisition of St. Genevieve Resources

VANCOUVER, BRITISH COLUMBIA (TSX: ACX)(TSX: ACX.WT)(TSX: ACX.WT.A)(BERLIN: A0HMLE)(FRANKFURT: A5C)(WKN A0HMLE) today announced that it has completed its previously announced acquisition of all of the issued and outstanding common shares in the capital of St. Genevieve Resources Ltd. ("SGV") (CNQ: SGVL). With the acquisition of SGV now complete, Ascendant will issue approximately 31,632,582 of its common shares to holders of SGV common shares. In addition, Ascendant has assumed all of the obligations of SGV arising under the outstanding warrants and stock options of SGV by issuing a replacement warrant or stock option of Ascendant for each 5.5422556 SGV warrant or stock option outstanding, subject to adjustment and on the terms set out in the arrangement agreement.

"We are very excited by the potential of the SGV copper properties," said Gary E. Davis, President and CEO of Ascendant. "With today's closing of the transaction we are now closer to near-term copper production in the Americas. The Company intends to immediately commence work to complete a feasibility study on the historic Zonia Copper Mine. Zonia's current inferred resource is 63 million tons averaging 0.37% total copper (at a cut-off grade of 0.25% copper) containing 460 million pounds of copper extractable using SXEW technology." (See National Instrument 43-101 Technical Report dated October 16, 2006, by Scott Wilson Roscoe Postle Associates, as filed on SEDAR by SGV.)

Ascendant previously advanced secured credit facilities of C$400,000 to SGV to provide SGV with the funds required to consummate the transaction and, on closing, Ascendant assumed certain accounts payable liabilities of SGV. The number of Ascendant shares to be issued to SGV shareholders has been reduced by 7.5 Ascendant shares for each one dollar of amounts drawn down under the credit facilities and payables outstanding on the date of closing.

Subsequent to the closing of the SGV transaction, Ascendant appointed SGV's Chairman of the Board, Donald J. Page, as an additional director of the Company. On behalf of the Board of Directors, Gary E. Davis, Ascendant's President and CEO, welcomes Mr. Page and said, "We are delighted that Mr. Page has chosen to join Ascendant's Board. We look forward to the benefit of his many years of experience and counsel as we continue to move the Company forward."

With the acquisition of SGV, Ascendant is committed to advancing the Zonia Copper Mine and as well as evaluating the economic viability of placing the Emerald Isle Copper Mine back into production. Both Zonia and Emerald Isle are past-producing properties located in Arizona.

About Ascendant

Ascendant Copper Corporation is a mineral exploration and development company that is focused on becoming a mid-tier copper and molybdenum producer. The Company is responsibly advancing its copper-molybdenum projects in Ecuador toward a verifiable economic base metal discovery. The Company continues to investigate mineral properties of merit in the Americas and has recently added two past-producing properties in Arizona, the Zonia Copper Mine and the Emerald Isle Copper Mine from the acquisition of St. Genevieve Resources Ltd.

Contacts: Ascendant Copper Corporation Rana S. Gill Chief Financial Officer 1-866-907-6047 Email: rgill@ascendantcopper.com Ascendant Copper Corporation John Haigh Manager of Investor Relations 1-866-907-6047 (720) 962-4648 (FAX) Email: jhaigh@ascendantcopper.com Website: www.ascendantcopper.com

ACT Energy Technologies (TSX:ACX)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024