Copper One Resources (CSE:CEXY) has completed its acquisition of Rooinek Mining, securing 100% ownership of the Sport Project in Utah, US.
The company acquired all outstanding shares of Rooinek through the issuance of 14 million common shares. These shares were issued at C$0.55 each, valuing the transaction at C$7.7 million ($7.74 million). That exchange was completed on a one-for-one basis according to respective shareholdings.
The Sport Project comprises 108 lode mineral claims. As a condition of the acquisition, Rooinek commissioned a National Instrument 43-101 compliant technical report. The report recommended phase-one exploration expenditure of at least C$500,000.
CEO David Greenway says the acquisition complements Copper One’s strategy of advancing prospective exploration properties in mining-friendly jurisdictions.
“[Copper One] believes that Sport represents an attractive exploration opportunity and intends to advance exploration activities on the property in accordance with the recommendations of the technical report,” the company states.
The transaction required Canadian Securities Exchange (CSE) approval. Other conditions included Rooinek obtaining registered ownership of the mineral claims, completion of the technical report, and issuance of consideration shares.
The consideration shares are subject to a four-month and one-day hold under CSE policy.
Copper One’s portfolio includes the flagship Majuba Hill Copper-Silver-Gold Project in Nevada and the Redonda Copper-Molybdenum Project in British Columbia, Canada. The company also has an option on the Redhill Property near Ashcroft.
Copper One Resources is a Canadian copper explorer advancing a portfolio of copper, silver, gold, and molybdenum assets.
Write to JC Villarba at Mining.com.au
Images: Copper One Resources
