Interra Copper Corp. (CSE: IMCX; OTCQB: IMIMF; FRA: 3MX) (‘Interra’ or the ‘Company’) Interra Copper is pleased to announce the following additions and changes to the management and leadership team.
Interra appoints Brian Thurston, PGeo. to the Board of directors and as CEO, effective July 1st. Brian holds an Honours Bachelor of Science degree in Geology from the University of Western Ontario. Mr. Thurston has over 32 years’ geological experience working on projects from grass roots to feasibility level including in North and South America, Africa and India. As Country Manager he was instrumental in the initial exploration, land acquisition and development of Aurelian Resources in Ecuador which was acquired in 2008 by Kinross for $1.2B. In 2004, Mr. Thurston transitioned from geologist to corporate positions and has founded several public companies and held positions of director and officer, as well as served on multiple committees including audit and corporate governance. Mr. Thurston was President and CEO of Lion Energy Corp. from 2007 to 2011 before takeover was successfully completed by Lundin’s Africa Oil Corp.
Interra appoints Dong Shim as new CFO. Mr. Shim has led a successful accounting and finance career in both the US and Canada. He brings a wealth of knowledge to the team with his expertise in auditing publicly traded junior mining companies and high-tech industries. Member of the Chartered Professional Accountants of British Columbia and a Certified Public Accountant registered in the State of Illinois, United States. Mr. Shim also assisted various start-up companies in achieving public listings on the TSX Venture Exchange, Canadian Securities Exchange and the OTC Market. The appointment of Mr. Shim will be effective August 1st to allow for a smooth transition.
Interra appoints Janet Francis as Corporate Secretary, effective July 1st. Janet Francis brings over 20 years of experience in the public company sector, having served as either a director, Corporate Secretary, or corporate secretarial services provider to a number of companies listed on the Toronto Stock Exchange, TSX Venture Exchange, Canadian Securities Exchange, Cboe Canada and/or NYSE American. She is the founder and principal of a private company providing regulatory compliance and corporate governance services to primarily public companies and other reporting issuers.
Interra appoints Dave McMillan as Board Advisor. Mr. McMillan has been involved in the mining and financial markets for over 40 years and has, since his retirement from the securities industry in 2000, held numerous director and executive roles in public and private companies. During his 17 years in the securities industry, Mr. McMillan was an investment advisor, vice president, director and senior partner in one of the top private brokerage firms in Canada. During this time, Mr. McMillan was instrumental in the financing of many junior exploration companies in North and South America, including the junior exploration companies that originally discovered the mineral resources that led to the development of the Kemess and the Mount Milligan mines, both of which are located in the same geological trend as the Company’s Thane Project, in British Columbia.
The Company is also pleased to announce that it intends to close an insider led non-brokered private placement (the ‘Private Placement’) by issuing up to an aggregate of 10,000,000 units (the ‘Units’) at a price of C$0.075 per Unit for gross proceeds of up to C$750,000. The non-brokered private placement is almost fully allocated to insiders, existing shareholders, and new strategic shareholders of the company.
Each Unit consists of one (1) common share in the capital of the Company (a ‘Share’) and one-half (1/2) of one (1) Share purchase warrant, whereby each whole Share purchase warrant (a ‘Warrant’) shall be convertible into an additional Share (a ‘Warrant Share’) at an exercise price of C$0.15 per Warrant Share. Each Warrant shall expire on the date that is twelve months following the date of issuance (the ‘Expiry Date’). The Expiry Date is subject to acceleration in the event the volume-weighted average trading price of the Company’s common shares on the Canadian Securities Exchange is equal to or greater than C$0.35 for a continuous 30-day period at any time after that date which is four (4) months following the date of issuance, in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
Proceeds from the Private Placement are intended for exploration activities and general working capital purposes. Closing of the Private Placement, subject to the receipt of all necessary regulatory and other approvals, is anticipated to occur in the coming weeks.
The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the ‘U.S. Securities Act’), or any state securities laws, and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Interra Copper Corp. For further information contact:
Katherine Pryde Investor Relations investors@interracoppercorp.com
Forward Looking Information
This news release contains certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively ‘forward-looking statements’) within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or’ should’ occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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