QC Copper Receives Shareholder Approval for Cuprum Acquisition

Rhea-AI Summary

QC Copper and Gold (TSXV: QCCU) (OTCQB: QCCUF) announced that shareholders have overwhelmingly approved the acquisition of Cuprum Corp at a special meeting held on December 4, 2024. Over 99% of disinterested shareholders voted in favor of the acquisition resolution. The company also received approval for its restricted share unit plan and new stock option plan.

Following the completion of the acquisition, expected around December 5, 2024, the company will undergo a name change to XXIX Metal Corp and its ticker symbol will change to XXIX on the TSX Venture Exchange. The acquisition approval was carried out by ballot and excluded votes from non-arm's length parties to QC Copper or the Acquisition.

Positive

• 99% shareholder approval rate for the acquisition
• Successful approval of restricted share unit plan and stock option plan

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - December 4, 2024) - QC Copper and Gold Inc. (TSXV: QCCU) (OTCQB: QCCUF) ("QC Copper" or the "Company") is pleased to announce that at its special meeting of shareholders held on December 4, 2024 in Toronto, Ontario (the "Meeting") holders of common shares of QC Copper: ‎(i) approved the acquisition (the "Acquisition") of all of the issued and outstanding shares of ‎Cuprum Corp‎.; (ii) approved the Company's restricted share unit plan; and (iii) approved the Company's new stock option plan. Details of each matter are included in the Corporation's Management Information Circular dated October 25, 2024, a copy of which is available on the Corporation's profile on SEDAR+ at www.sedarplus.ca.

The vote in respect of the Acquisition was carried out by ballot, with over 99% of votes cast by disinterested shareholders being in favour of the ordinary resolution approving the Acquisition. The resolution was approved by the majority of the votes cast by shareholders of the Company, other than ‎shareholders who are a non-arm's length party to QC Copper or the Acquisition.

Ticket Symbol and Name Change

The official name change to XXIX Metal Corp. and ticker symbol change to XXIX on the TSX Venture Exchange will occur shortly after the closing of the Acquisition.

Assuming all other terms and conditions to the Acquisition are satisfied, it is expected that the Acquisition will be close on or about December 5, 2024.

About XXIX Metal Corp. (previously QC Copper and Gold Inc.)

XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, Canada's highest-grade copper resource, spans 13,000 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. A January 2024 resource update reported a 16% increase in contained Copper Equivalent (CuEq) and a 10% grade boost, including 87.3 million tonnes at 0.93% CuEq (Measured & Indicated) and additional Out of Pit resources. The Thierry Project hosts two past-producing open pits that transitioned to underground mining—producing 5.8Mt @ 1.13% Cu, 0.14% Ni between 1976 – 1982 by UMEX Inc. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the Thierry property being accessible via all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector, and has established itself as one of Eastern Canada's largest copper developer.

For further information, please contact:

Stephen Stewart, Chief Executive Officer
Phone: 416.644.1567
Email: info@oregroup.ca

Forward-Looking Statements

This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in relation to: the ability of QC Copper to satisfy the other conditions to, and to complete, the Acquisition; and the anticipated timing of the closing of the Acquisition. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the ability of the parties to receive, in a timely manner, the necessary regulatory (including stock exchange) and other third party approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Acquisition. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: a delay or failure to receive the necessary regulatory (including stock exchange) and other third party approvals; and failure of the parties to satisfy the other conditions to the closing of the Acquisition. A description of additional risk factors which may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232510

FAQ

When did QC Copper (QCCUF) shareholders approve the Cuprum acquisition?

QC Copper shareholders approved the Cuprum acquisition at a special meeting held on December 4, 2024.

What percentage of QC Copper (QCCUF) shareholders voted in favor of the Cuprum acquisition?

Over 99% of disinterested shareholders voted in favor of the Cuprum acquisition.

What will be QC Copper's (QCCUF) new name and ticker symbol after the Cuprum acquisition?

The company will change its name to XXIX Metal Corp and its ticker symbol will change to XXIX on the TSX Venture Exchange.

When is the expected closing date for QC Copper's (QCCUF) Cuprum acquisition?

The acquisition is expected to close on or about December 5, 2024, subject to satisfying all terms and conditions.