VANCOUVER, Feb. 19, 2016 /CNW/ - Catalyst Copper
Corporation (TSX-V: CCY) ("Catalyst" or the
"Company") announces the resignation of Ian Telfer from the board of directors of the
Company. The Company thanks Mr. Telfer for his contributions and
wishes him well in his future endeavors.
The Company also announces, Augusta Investments Inc., a company
owned and controlled by Richard
Warke, the Chairman and CEO of the Company, acquired from
Mr. Telfer, 3,044,583 common shares of the Company (each a
"Share") at a price of $0.09445 per Share, representing 8.77% of the
issued and outstanding Shares. In addition, a company 50%
beneficially owned by Richard Warke
acquired 6,275,000 warrants of which 3,137,500 warrants (50% of
6,275,000) represent 12.07% of the issued and outstanding warrants
of the Company. As a result of the acquisition of securities
described above, Mr. Warke owns in aggregate, 12,530,772 Shares of
Catalyst, representing 36.10% of the current issued and outstanding
Shares of Catalyst and would own 25,011,128 Shares, representing
53% on a partially diluted basis, assuming the exercise of
12,480,356 warrants.
The Company further announces that Fiore Financial Corporation,
a company owned and controlled by Frank
Giustra, acquired from Mr. Telfer, 2,544,583 Shares at a
price of $0.09445 per Share
representing 7.33% of the issued and outstanding common shares. In
addition, a company 50% beneficially owned by Frank Giustra, acquired 6,275,000 warrants of
which 3,137,500 (50% of 6,275,000) represents 12.07% of the issued
and outstanding warrants of the Company. As a result of the
acquisition of securities described above, Mr. Giustra owns and/or
controls 8,868,706 Shares of Catalyst representing 25.55% of the
current issued and outstanding shares of Catalyst and would own
and/or control 16,880,044 Shares, representing 39.51% on a
partially diluted basis, assuming the exercise of 7,963,671
warrants and 47,667 options.
The Company has been advised that Frank
Giustra and his related entities, Richard Warke and his related entities, have
acquired these securities for investment purposes and have no
present intention to acquire further securities of the Company,
although they may in the future acquire or dispose of securities of
the Company, through the market, privately or otherwise, as
circumstances or market conditions warrant.
About Catalyst Copper:
Catalyst Copper Corporation is
a copper and base metal company with a focus on copper mining
projects in Mexico. The Company's
60%-owned La Verde Copper Project (remaining 40%-owned indirectly
by Teck Resources Limited) is situated in the Sierra Madre del Sur
approximately 320 kilometres west of Mexico City in Michoacán State and
has excellent infrastructure. The amended September 30, 2012 Preliminary Economic
Assessment contemplates La Verde
to be an open pit producing over 200 million pounds of copper per
year over a 20 year mine life.
Certain information contained in this press release constitutes
forward-looking statements. All statements, other than
statements of historical facts, are forward looking statements
including statements with respect to the Company's intentions for
the use of the non-brokered private placement and the La Verde
Copper project in Michoacán State, Mexico including, without limitation, expected
future mineral production and mine life. Forward-looking
statements are often, but not always, identified by the use of
words such as may, will, seek, anticipate, believe, plan, estimate,
budget, schedule, forecast, project, expect, intend, or similar
expressions.
The forward-looking statements are based on a number of
assumptions which, while considered reasonable by Catalyst, are
subject to risks and uncertainties. In addition to the
assumptions herein, these assumptions include the assumptions
described in Catalyst's management's discussion and analysis for
the year ended December 31, 2014
("MD&A"). Catalyst cautions readers that forward-looking
statements involve and are subject to known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to differ materially from those
expressed in or implied by such forward-looking statements and
forward-looking statements are not guarantees of future results,
performance or achievement. These risks, uncertainties and factors
include general business, economic, competitive, political,
regulatory and social uncertainties; actual results of exploration
activities and economic evaluations; fluctuations in currency
exchange rates; changes in project parameters; changes in costs,
including labour, infrastructure, operating and production costs;
future prices of copper and other minerals; variations of mineral
grade or recovery rates; operating or technical difficulties in
connection with exploration, development or mining activities,
including the failure of plant, equipment or processes to operate
as anticipated; delays in completion of exploration, development or
construction activities; changes in government legislation and
regulation; the ability to maintain and renew existing licenses and
permits or obtain required licenses and permits in a timely manner;
the ability to obtain financing on acceptable terms in a timely
manner; contests over title to properties; employee relations and
shortages of skilled personnel and contractors; the speculative
nature of, and the risks involved in, the exploration, development
and mining business; and the factors discussed in the section
entitled "Risk Factors" in the MD&A.
Although Catalyst has attempted to identify important risks,
uncertainties and other factors that could cause actual
performance, achievements, actions, events, results or conditions
to differ materially from those expressed in or implied by the
forward-looking information, there may be other risks,
uncertainties and other factors that cause performance,
achievements, actions, events, results or conditions to differ from
those anticipated, estimated or intended. Unless otherwise
indicated, forward-looking statements contained herein are as of
the date hereof and Catalyst disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable law.
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.
SOURCE Catalyst Copper Corp.