Granite Creek Sells Hydrogen Projects
Rhea-AI Summary
Granite Creek Copper has announced the sale of its wholly owned subsidiary, Element One Hydrogen, to Buscando Resources for $150,000 CDN. The transaction includes the Union Bay and Star Projects along with the Element One Hydrogen brand.
Key transaction details:
- Expected closing within 30 days
- Granite Creek retains rights to reimbursement for work on Star project (2024-2025)
- Company maintains rights to payments from first-year option agreement with 1508260 B.C.
The work on the Star project is part of an NRCan funded research project in partnership with Kemetco Research.
Positive
- Immediate cash inflow of CAD 150,000 from sale of hydrogen assets
- Retains rights to potential reimbursements from NRCan funded research project
- Maintains rights to payments from existing option agreement with 1508260 B.C.
Negative
- Divestment of entire hydrogen subsidiary including Union Bay and Star Projects
- Loss of potential future value from hydrogen sector exposure
VANCOUVER, BC / ACCESS Newswire / April 29, 2025 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCPK:GCXXF) ("Granite Creek" or the "Company") is pleased to announce that the company has entered into a sale and purchase agreement with Buscando Resources Corp. (CSE:BRCO) for the sale of the Company's wholly owned subsidiary, Element One Hydrogen Corp. The sale includes the Union Bay and Star Projects as well as the Element One Hydrogen brand. Granite Creek will receive total consideration of
The Company will retain the rights to any re-imbursement for work completed on the Star project for 2024 and 2025 through the NRCan funded research project being completed in partnership with Kemetco Research (see news release dated February 24, 2025). The company will also retain the rights to any payments due to the company in connection with the first year of the option agreement the Company entered into with 1508260 B.C. Ltd (see news release dated December 17, 2024)
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a focused on the exploration and development of critical minerals projects in North America. The Company's projects consist of its flagship 177 square kilometer Carmacks project in the Minto copper district of Canada's Yukon Territory on trend with the formerly operating, high-grade Minto copper-gold mine and the advanced stage LS molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company's website at www.gcxcopper.com.
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
Website: www.gcxcopper.com
Qualified Person
Debbie James P.Geo, has reviewed and approved the technical information pertinent to Ni-Cu-PGM mineralization contained in this news release. Ms. James is a Qualified Person as defined in NI 43-101.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements" or "forward-looking information". All statements in this release, other than statements of historical facts including, without limitation, statements regarding expected use of proceeds from the private placement and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedarplus.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.
SOURCE: Granite Creek Copper Ltd.
View the original press release on ACCESS Newswire
FAQ
How much is Granite Creek (GCXXF) selling its hydrogen projects for?
What assets are included in Granite Creek's hydrogen project sale?
When will Granite Creek's (GCXXF) hydrogen project sale close?
What rights does Granite Creek retain after selling hydrogen projects?
Who is buying Granite Creek's (GCXXF) hydrogen assets?
