VANCOUVER, BC / ACCESSWIRE / February 24, 2017 / CopperBank Resources Corp. ("CopperBank" or the "Company") (CSE: CBK) (OTC PINK: CPPKF) announces that it has granted an aggregate of 6,650,000 incentive stock options (the "Options"), with an exercise price of $0.10, to Officers, Directors, Consultants, and Advisors. The Options can be exercised for a period of five years from the date of grant, are subject to the policies of the Canadian Securities Exchange, and contain vesting provisions whereby 25% of the Options vest six months from date of grant and 25% every six months thereafter.
The Company also announces that Executive Chairman, Gianni Kovacevic, is loaning the company $400,000 on a convertible basis, for a period of up to two years from today's date. When the loan is satisfied, it will be facilitated by way of private placement into shares of the company at a deemed value of $0.08 per share. There is no collateral or covenants for this loan, nor any fees, interest, warrants, or bonus shares being paid to Mr. Kovacevic. Proceeds will be used for general working capital and to assist in the further evaluation of potential work programs at the company's three 100% controlled projects.
Mr. Kovacevic comments, "We are very proud to have such a distinguished group of advisors align themselves with CopperBank stakeholders. Our technical team is now ten people strong as we contemplate accretively moving our portfolio of established copper projects forward. This modest injection of capital is only 3% dilutive to existing shareholders. On a stand alone basis, it affords the company all the needed resources for basic G&A through the early part of 2019, as we finalize the direction and manner for meaningful work programs at each of Contact, Pyramid, and San Diego Bay. With copper prices rebounding, there is significant investor interest in companies with strong technical teams who have well located projects. We encourage all our shareholders to carefully review the company's latest presentation to see how we are well positioned for this interest."
The Company also announces that a total of CDN $90,000 owed to company management and one consultant has been settled in common shares in the company at a deemed price of 0.10 per share. A total of 900,000 shares will be issued to settle this amount and will have a four month hold from date of issuance. The convertible loan and shares for debt arrangements are subject to Canadian Securities Exchange approvals and policies.
On behalf of CopperBank Resources Corp.
"Gianni Kovacevic"
Executive Chairman
Address: Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Tel: 604-889-0852
E-mail: [email protected]
Website: www.copperbankcorp.com
Certain information in this release may constitute "forward-looking information" under applicable securities laws and necessarily involve risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and CopperBank does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of CopperBank's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," or "be achieved," or the negative of these terms or comparable terminology. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to the Company's ongoing review of its existing portfolio, the involvement of CopperBank in any potential divestiture, spin-out, partnership, or other transactions involving the Company's portfolio assets, and the ability of the Company to complete any such transactions, the ability of CopperBank to enter into transactions that will ultimately enhance shareholder value, and the anticipated issuance of one million shares in connection with the satisfaction of certain loans between CopperBank and management. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to the Company's ability to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. By its very nature, forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by forward-looking information. Such factors include, but are not limited to, the risk that the Company will not be able to identify and complete one or more transactions involving the Company's portfolio assets that enhance shareholder value as part of management's ongoing review of strategic alternatives in the current market conditions. Although CopperBank has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. For more information on CopperBank and the risks and challenges of its businesses, investors should review the continuous disclosure filings that are available under CopperBank's profile at www.sedar.com.
SOURCE: CopperBank Resources Corp.