Granite Creek Copper Ltd. (GCX:TSX.V) closed its purchase of 30% of Copper North Mining, it announced in a news release.
"We are pleased to have completed the acquisition which we believe will be accretive for both companies due to their adjoining claim blocks which share many synergies, including common geology, infrastructure and expanded exploration potential," Granite Creek CEO Tim Johnson said in the release.
The transaction involved buying 26,146,233 common shares of Copper North with 10,529,663 Granite Creek common shares. These shares constitute the first ones of Copper North that Granite Creek has owned.
The release indicated that closing of this deal "followed a decisive ruling by the British Columbia Supreme Court revoking a temporary injunction obtained by Copper North without notice." In light of the ruling, Granite Creek management believes "Copper North's concurrent civil action seeking damages for an alleged breach of a previous standstill provision should be withdrawn, but if it is not, Granite Creek believes the action, like the injunction, is wholly without merit and it will defend itself vigorously. Granite Creek has filed a response and counterclaim seeking damages against Copper North for breach of contract."
Granite Creek noted it will "review its investment on an ongoing basis and, depending upon factors that Granite Creek deems relevant, from time to time, Granite Creek may, among other things, subject to applicable laws: (i) acquire additional securities of Copper North through market transactions, private agreements or otherwise; (ii) dispose of some or all of its Copper North shares, whether through market transactions, private agreements or otherwise; (iii) engage in discussions with representatives of Copper North concerning, among other things, Copper North’s business plans, strategic policies and the composition of its board and management; (iv) seek to appoint nominees to the Copper North board or otherwise influence the composition of the board and management; (v) pursue an acquisition, merger, joint venture or other corporate transaction involving Copper North and/or its shareholders; (vi) take such other actions with respect to Copper North as Granite Creek may, from time to time, determine appropriate; (vii) communicate with other shareholders, industry participants and other interested parties concerning Copper North; and (viii) change its plans and intentions at any time or from time to time, as it deems appropriate."
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