Granite Creek Obtains Securityholder Approval for Arrangement

Rhea-AI Summary

Granite Creek Copper (TSXV: GCX) has secured securityholder approval for its previously announced arrangement with Cascadia Minerals, with approximately 92% of securityholders voting in favor. Under the arrangement, Cascadia will acquire all issued and outstanding Granite Creek shares, with the transaction expected to close around August 13, 2025.

The company also disclosed details of a $375,000 non-interest bearing bridge loan from Cascadia, structured in two tranches: $125,000 dated June 18 and $250,000 dated June 27, 2025. Additionally, Granite Creek completed a shares for debt transaction, issuing 13,265,705 shares at $0.04 per share to settle approximately $521,000 of debt with TruePoint Exploration and a Carmacks North royalty holder.

Positive

• Secured 92% securityholder approval for the arrangement with Cascadia Minerals
• Obtained $375,000 bridge loan from Cascadia to finance transaction expenses
• Successfully settled $521,000 of debt through shares issuance

Negative

• Significant debt obligations requiring settlement through share issuance
• Dilution of existing shareholders through shares for debt transaction
• Company required bridge loan financing to cover transaction expenses

News Market Reaction

+9.29%

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+9.29% News Effect

On the day this news was published, GCXXF gained 9.29%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Vancouver, British Columbia--(Newsfile Corp. - August 5, 2025) - Granite Creek Copper Ltd. (TSXV: GCX) ("Granite Creek") is pleased to announce securityholder approval of its previously announced plan of arrangement (the "Arrangement"), pursuant to which, among other things, Cascadia Minerals Ltd. ("Cascadia") will acquire all of the issued and outstanding common shares of Granite Creek (the "Granite Creek Shares"), following a vote at the special meeting of Granite Creek's securityholders held on August 5, 2025. At the meeting, Granite Creek securityholders voted approximately 92% in favour of the Arrangement.

The Arrangement remains subject to obtaining a final order from the Supreme Court of British Columbia approving the Arrangement, and the satisfaction of certain customary closing conditions. It is currently expected that the transaction will close on or about August 13, 2025.

In accordance with the policies of the TSX Venture Exchange, Granite Creek also provides the following disclosure with respect to its previously announced non-interest bearing bridge loan (the "Bridge Loan") from Cascadia. Cascadia provided Granite Creek with the Bridge Loan in the principal amount of $375,000 to finance transaction expenses incurred in connection with the Arrangement. The Bridge Loan is evidenced by two tranches of promissory notes issued by Granite Creek to Cascadia, consisting of (i) a first tranche promissory note in the amount of $125,000 dated June 18, 2025, and (ii) a second tranche of promissory note in the amount of $250,000 dated June 27, 2025. The Bridge Loan has a term of one year and includes a conversion right whereby Cascadia may convert all or a portion of the outstanding principal amount into Granite Creek Shares at a price per Granite Creek Share of $0.05. The Granite Creek Shares underlying the promissory notes are subject to a hold period of four months and one day from the date of the issuance of each respective promissory note.

Shares for debt transaction.

In accordance with the policies of the TSX Venture Exchange, Granite Creek also provides the following disclosure with respect to its previously announced settlement of an aggregate of approximately $521,000 of indebtedness owing to TruePoint Exploration Inc. ("TruePoint") and a Carmacks North royalty holder in exchange for Granite Creek shares (the "Shares for Debt Transaction"). Pursuant to the Shares for Debt Transaction, Granite Creek issued an aggregate of 13,265,705 Granite Creek shares at a price of $0.04 per share. The shares will be exchanged for Cascadia shares pursuant to the Arrangement.

TruePoint is a privately held exploration service company that provides exploration and administrative services to Granite Creek. Granite Creek's indebtedness to TruePoint relates primarily to certain long-term loans (the "TruePoint Loans"), and also includes certain current accounts payable owing to TruePoint for past services rendered. The TruePoint Loans in the amounts of $100,000 and $257,286.78 were advanced to Granite Creek on February 5, 2020 and February 28, 2023, respectively, to pay certain outstanding debts and bore interest from the date of advance at a rate of 5% per annum.

Following the Shares for Debt Transaction, TruePoint holds 11,515,705 Granite Creek shares, representing approximately 5.43% of the outstanding Granite Creek shares following issuance.

About Granite Creek

Granite Creek is a growth stage exploration company, focused on the acquisition and development of exploration properties that host, or have the potential to host, precious base or battery metals. GCX's flagship asset is the Carmacks Project in the high-grade Minto copper district in Yukon Territory, Canada. The project is located south and within 35km of the formerly producing Minto mine.

For further information, please contact:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com

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 NEWS RELEASE.

Cautionary note regarding forward-looking statements:

This press release may contain "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release. Cascadia and Granite Creek undertake no obligation to update forward-looking information, except as required by securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261378

FAQ

What percentage of Granite Creek securityholders approved the Cascadia Minerals arrangement?

92% of Granite Creek securityholders voted in favor of the arrangement with Cascadia Minerals.

When is the Granite Creek and Cascadia Minerals arrangement expected to close?

The transaction is expected to close on or about August 13, 2025, subject to final court approval and customary closing conditions.

What is the size and structure of the bridge loan from Cascadia to Granite Creek?

Cascadia provided a $375,000 non-interest bearing bridge loan in two tranches: $125,000 on June 18 and $250,000 on June 27, 2025, with a one-year term and conversion rights at $0.05 per share.

How many shares did Granite Creek issue in the shares for debt transaction?

Granite Creek issued 13,265,705 shares at $0.04 per share to settle approximately $521,000 of debt with TruePoint Exploration and a Carmacks North royalty holder.

What is TruePoint's ownership percentage in Granite Creek after the shares for debt transaction?

Following the shares for debt transaction, TruePoint holds 11,515,705 shares, representing approximately 5.43% of the outstanding Granite Creek shares.