VANCOUVER, Feb. 19, 2016 /CNW/ - Catalyst Copper Corporation (TSX-V: CCY) ("Catalyst" or the "Company") announces the resignation of Ian Telfer from the board of directors of the Company. The Company thanks Mr. Telfer for his contributions and wishes him well in his future endeavors.
The Company also announces, Augusta Investments Inc., a company owned and controlled by Richard Warke, the Chairman and CEO of the Company, acquired from Mr. Telfer, 3,044,583 common shares of the Company (each a "Share") at a price of $0.09445 per Share, representing 8.77% of the issued and outstanding Shares. In addition, a company 50% beneficially owned by Richard Warke acquired 6,275,000 warrants of which 3,137,500 warrants (50% of 6,275,000) represent 12.07% of the issued and outstanding warrants of the Company. As a result of the acquisition of securities described above, Mr. Warke owns in aggregate, 12,530,772 Shares of Catalyst, representing 36.10% of the current issued and outstanding Shares of Catalyst and would own 25,011,128 Shares, representing 53% on a partially diluted basis, assuming the exercise of 12,480,356 warrants.
The Company further announces that Fiore Financial Corporation, a company owned and controlled by Frank Giustra, acquired from Mr. Telfer, 2,544,583 Shares at a price of $0.09445 per Share representing 7.33% of the issued and outstanding common shares. In addition, a company 50% beneficially owned by Frank Giustra, acquired 6,275,000 warrants of which 3,137,500 (50% of 6,275,000) represents 12.07% of the issued and outstanding warrants of the Company. As a result of the acquisition of securities described above, Mr. Giustra owns and/or controls 8,868,706 Shares of Catalyst representing 25.55% of the current issued and outstanding shares of Catalyst and would own and/or control 16,880,044 Shares, representing 39.51% on a partially diluted basis, assuming the exercise of 7,963,671 warrants and 47,667 options.
The Company has been advised that Frank Giustra and his related entities, Richard Warke and his related entities, have acquired these securities for investment purposes and have no present intention to acquire further securities of the Company, although they may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.
About Catalyst Copper:
Catalyst Copper Corporation is a copper and base metal company with a focus on copper mining projects in Mexico. The Company's 60%-owned La Verde Copper Project (remaining 40%-owned indirectly by Teck Resources Limited) is situated in the Sierra Madre del Sur approximately 320 kilometres west of Mexico City in Michoacán State and has excellent infrastructure. The amended September 30, 2012 Preliminary Economic Assessment contemplates La Verde to be an open pit producing over 200 million pounds of copper per year over a 20 year mine life.
Certain information contained in this press release constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the Company's intentions for the use of the non-brokered private placement and the La Verde Copper project in Michoacán State, Mexico including, without limitation, expected future mineral production and mine life. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Catalyst, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Catalyst's management's discussion and analysis for the year ended December 31, 2014 ("MD&A"). Catalyst cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of copper and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risk Factors" in the MD&A.
Although Catalyst has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and Catalyst disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
Neither the 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.
SOURCE Catalyst Copper Corp.
For further information: please visit www.catalystcopper.com or contact: Paul Ireland, CFO on 604-687-1717, Email: firstname.lastname@example.org