TORONTO, ONTARIO--(Marketwired - Dec. 18, 2017) - Copper One Inc. (TSX VENTURE:CUO) ("Copper One" or the "Company") reports that on November 15, 2017, Copper One and the Québec Government entered into a binding settlement agreement which facilitates an end to Copper One's participation in the Rivière Doré Project. Pursuant to the settlement agreement, Copper One has agreed to the assignment of all the mining claims comprising the Rivière Doré Project to SOQUEM and the Québec Government has agreed to pay $8 million in cash to Copper One.
All of the required documentation required to facilitate the closing of this transaction has been placed in escrow pending Copper One receiving the funds. The Government of Quebec has advised the Company that it will transfer the funds to the Company on December 21, 2017. The transaction had been expected to be completed by December 15, 2017.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Rivière Doré Project, the timing of the closing of the settlement, the impact of the settlement on the Company and its stakeholders, and future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Copper One, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Copper One 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. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Copper One 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 RELEASE
Copper One Inc.
G. Scott Moore
Chairman, President and CEO