OTTAWA, Sept. 21, 2015 /CNW/ - Carube Copper Corp.
(TSXV: CUC) (the "Company") is pleased to report that all
resolutions were passed by the requisite majority at its annual
general and special meeting ("AGM") held in Carp, Ontario on September 17, 2015. Following the AGM the Company
completed a strategic restructuring of corporate duties with the
promotion of Mr. Jeff Ackert, the
incumbent Vice President of Exploration, to President and CEO and
the appointment of the incumbent President and CEO, Dr.
Vern Rampton as Executive
Vice-President of Corporate Development.
A total of 39,680,052 shares or 64% of the outstanding shares of
the Company were represented at the meeting by proxy or in person.
All of the matters submitted to the shareholders for approval as
set out in the Company's notice of meeting and information circular
dated August 7, 2015, were approved
by the requisite majority of votes cast at the AGM.
AGM Approvals
1. Each of the proposed directors, Alar Soever, Vern Rampton, Faramarz
Kord, Jeffrey Ackert,
Greg LeBlanc, and Mark Pfau, were elected, each receiving at least
99% of the votes cast.
2. The appointment of PricewaterhouseCoopers LLP as auditors was
confirmed by 99.9% of the votes.
As fully described in the Information Circular dated
August 7, 2015:
3. The Stock Option Plan of the Company was approved by 99.2% of
the disinterested votes cast.
4. The RSU/DSU Plan and the reservation for issuance of
5,000,000 common shares under the plan were approved as a
resolution by 98.5% of the minority shareholders.
5. The settlement of debt with certain non-arm's-length
creditors in the amount of $103,000
was approved in its entirety by 99.8% of the minority votes cast at
the meeting.
Management Restructuring and Corporate Strategy
The Company also announced a strategic restructuring of
corporate duties. Mr. Alar Soever will continue in his role as
Chairman of Carube Copper while key changes to management result in
the promotion of Mr. Jeff Ackert to
President and CEO and the appointment of Dr. Vern Rampton as Executive Vice-President of
Corporate Development. Mr. Ackert and Dr. Rampton have worked
closely together over the last five years to develop Carube's
assets and to advance a viable plan to increase corporate value.
This restructuring allows Mr. Ackert to take on a stronger
leadership role while maintaining Dr. Rampton's considerable
expertise and experience.
Key Officers and Directors as of September 18, 2015 are:
Mr. Alar Soever, P. Geol. Chairman of the Board, Independent
Director
Mr. Jeffrey Ackert, B.Sc. (Geology)
President and Chief Executive Officer, Director
Dr. Vern Rampton, P. Eng Executive
Vice President of Corporate Development, Director
Mr. John McNeice, C.A., CPA. Chief
Financial Officer
Mr. Chris Irwin, B.A., LL.B.
Corporate Secretary and Counsel
Alar Soever, Chairman of the Board
of Carube Copper commented: "These changes are another important
step in the growth of the Company. I have enjoyed working with both
Vern and Jeff over the past two years as we financed the company
and listed on the TSXV. Vern in particular has done a great job in
building Carube to this point and I am pleased that we will
continue to work together in support of Jeff as we continue to grow
the company for our shareholders."
At the meeting, Dr. Rampton gave a presentation on how during
the course of a severe four and half year bear market, Carube
Resources Inc. and Miocene Resources Limited persevered in
acquiring , exploring and developing their assets in Jamaica and BC., and thereafter merging to
form Carube Copper Corp. He further outlined how the Company is
planning to advance its strategy of increasing corporate value
while limiting shareholder dilution.
Increasing Shareholder Value
To achieve its goal of increasing shareholder value, Carube
Copper continues with its strategy of joint venturing its
properties to large well-funded companies in order to minimize the
development cost to Carube Copper while increasing corporate
value:
- A Joint Venture in Place: At the Bellas Gate Project in
Jamaica, our joint venture
partner, OZ Minerals Limited, is in the process of completing
$6.5M on exploration and will earn a
70% interest in the project by the end of this year. To earn an
additional 10%, OZ Minerals must complete all work to conclusion of
a feasibility study.
- Three Projects Ready for Joint Venture: At the Above
Rocks, Hungry Gully and Main Ridge Projects in Jamaica, OZ Minerals has completed airborne
geophysics. This work has earned OZ Minerals the right to enter
into joint ventures on any or all three projects on similar terms
to those of the Bellas Gate Joint Venture. OZ Minerals must make
that decision before December 20,
2015
- Two Projects Being Advanced: At the large Mackenzie and
Rogers Creek projects in southwest British Columbia, exploration work is being
completed to advance both to a marketable joint venture stage.
Interest in the area has increased substantially with Amarc
Resources having recently optioned its IKE project to Thompson
Creek Metals, which can spend $15M to
earn a 30% interest in the project. The IKE project is adjacent to
and directly north of Carube Copper's Mackenzie project.
Looking to the future, the Company's strategy is to acquire new
properties at a reasonable cost. Then, with focused exploration
advance them to a joint venture ready stage.
Jeff Ackert, President and CEO of
Carube Copper Corp. stated: "I am well prepared and eager to lead
the company through the next phase of its growth and to achieve our
goals of reliably increasing shareholder value. I have been
involved in Carube Resources from its inception, working closely
with Vern to bring that company and now Carube Copper to this
point. We are excited by Carube's strategic position and its
outstanding potential".
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.
About Carube Copper Corp.
Carube Copper Corp. (CUC:TSXV) is a Canadian exploration company
focused on the rapid exploration and development of precious metal
and copper projects in Jamaica and
Canada. Through a wholly owned
Jamaican subsidiary, Carube owns a 40% beneficial interest (subject
to a 2% NSR) in the Bellas Gate Project, which consists of two
highly prospective copper-gold licenses covering 84 square
kilometres of the Central Inlier. The Bellas Gate Project is
the subject of a joint venture agreement with OZ Minerals Limited,
an Australian copper-gold producer with a market capitalization of
over $1B. OZ Minerals can earn a 70%
interest (Carube 30%) in the Bellas Gate Project by spending
$6.5M on exploration and can then
increase its interest a further 10% by completing a feasibility
study. OZ Minerals has flown airborne geophysics over 3 other
Carube projects (4 wholly-owned Licences, subject to 2% NSRs, and
subsequently can invoke separate joint ventures on each project
under similar terms to those applicable to the BGP. Carube also
holds a 100% interest in three porphyry copper-gold-molybdenum
properties in south-western British
Columbia within the Tertiary-aged Cascade Magmatic Arc.
Exploration continues on two of these projects, with the goal of
joint venturing them to larger exploration and mining
companies.
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
This News Release includes certain "forward-looking
statements" which are not comprised of historical facts.
Forward-looking statements include estimates and statements that
describe the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects",
"estimates", "may", "could", "would", "will", or "plan". Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release
includes, but is not limited to, the Company's objectives, goals or
future plans, statements, exploration results, potential
mineralization, the estimation of mineral resources, exploration
and mine development plans, timing of the commencement of
operations and estimates of market conditions. Factors that could
cause actual results to differ materially from such forward-looking
information include, but are not limited to failure to identify
mineral resources, failure to convert estimated mineral resources
to reserves, the inability to complete a feasibility study which
recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, inability to fulfill the duty to
accommodate First Nations peoples, other indigenous peoples and
land owners, uncertainties relating to the availability and costs
of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital and
operating costs varying significantly from estimates and the other
risks involved in the mineral exploration and development industry,
and those risks set out in the Company's public documents filed on
SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
SOURCE Carube Copper Corp