TORONTO, ON / ACCESSWIRE / April 30, 2023 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that shareholders of Copper Road Resources (TSXV:CRD) ("CRD Shareholders") have approved the previously announced transaction (the "Transaction") involving Sterling and Copper Road Resources (the "Corporation") at its special meeting held on April 30, 2024 (the "CRD Meeting"), with approximately 90.88% of the votes eligible to be cast voted in favour of each of the resolutions.
At the CRD Meeting, CRD Shareholders voted on resolutions to approve the sale of all or substantially all of the Corporation's mineral rights located in Ontario through the acquisition by Sterling of all the issued and outstanding shares of 1000797918 Ontario Inc. (the "Subsidiary"), a wholly-owned subsidiary of the Corporation, and to approve a reduction of stated capital whereby the Corporation will distribute to CRD Shareholders a portion of the common shares of Sterling issued as consideration for the Transaction.
The Corporation is in the process of transferring two option agreements providing for the right to acquire the East Breccia Property and Tribag Property, and the transfer of the Coppercorp-Glenrock Gold Property, comprised of an aggregate of 1,167 mineral claims, which make up the Corporation's Copper Road Project located in Palmer, Nicolet, Norberg, Ryan and Kincaid Townships in the Batchewana Bay Region of Ontario.
Mathew Wilson, CEO and Director of Sterling, commented, "We are grateful for the support for this Transaction from CRD Shareholders and look forward to welcoming them to our register. Upon closing of the Transaction in the coming weeks, Sterling will have the ability to explore and advance two copper exploration opportunities in the stable jurisdictions of Ontario and Labrador. As we continue to see fundamentals for copper strengthening, we are excited to take a regional approach to unlocking Copper Road's mineral potential, providing near- and long-term leverage to rising copper prices. We encourage CRD Shareholders to reach out and learn more about the exciting opportunities ahead."
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For additional information on the Transaction, please refer to Sterling's news releases dated February 14, 2024, and February 27, 2024.
Closing of the Transaction remains subject to satisfaction of certain customary closing conditions, including stock exchange and regulatory approvals. Subject to the satisfaction of these closing conditions, the parties currently expect to complete the Transaction in May 2024.
About Sterling Metals
Sterling Metals (TSXV:SAG) and (OTCQB:SAGGF) is a mineral exploration company focused on large scale and high-grade Canadian exploration opportunities. The Company is advancing the 29,000-hectare Adeline Project in Labrador which covers an entire sediment-hosted copper belt, with demonstrated potential for important new copper discoveries with significant silver credits, and the Sail Pond Project in Newfoundland.
For more information, please contact:
Sterling Metals Corp.
Mathew Wilson, CEO and Director
Tel: (416) 643-3887
Email: info@sterlingmetals.ca
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.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Sterling Metals Corp.
