- American Copper Development Corporation (CI) has acquired mineral property interests from Pyramid Peak Mining and Mason Resources (US)
- It has appointed Rick Van Nieuwenhuyse as Chairman of the board of directors and Daniel Schieber as Chief Executive Officer
- The company closed a private placement of 40,015,840 subscription receipts at a price of $0.25 per subscription receipt for gross proceeds to the company of $10,003,960
- American Copper hopes to resume trading on the CSE in September under ticker ACDX once all conditions have been satisfied
- The company is engaged in the business of mineral exploration and the acquisition of mineral property assets
- Trading on the shares of American Copper Development Corporation was halted until the completion of fundamental changes
American Copper Development Corporation (CI) has acquired mineral property interests located in New Mexico from Pyramid Peak Mining and Mason Resources.
Pyramid Peak Mining is a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman. Mason Resources (US) is a subsidiary of Hudbay Minerals Inc.
The company has appointed Rick Van Nieuwenhuyse as Chairman of the board of directors and Daniel Schieber as Chief Executive Officer.
In addition, the company has closed a private placement of 40,015,840 subscription receipts for $0.25 per subscription receipt for gross proceeds of $10,003,960.
”The transaction with Waterton and Hudbay consolidates most of the Lordsburg mining district into ACDC,” noted Rick Van Nieuwenhuyse, American Copper Chairman.
“This district has historically produced significant amounts of precious and base metals from a variety of vein deposits, but to date there has not been a concerted effort to explore for the causative porphyry that generated the fluids for these high-grade veins,” he added.
ACDC acquired the Lordsburg Property from the vendors for a combination of common shares of ACDC, cash, milestone payment rights and net smelter return royalties.
In connection with the closing of the transaction, the company changed its name to “American Copper Development Corporation” to better reflect the company’s primary focus on its Lordsburg Property.
ACDC hopes to resume trading on the Exchange in September 2022 under ticker ACDX once all conditions have been satisfied.
The company is engaged in the business of mineral exploration and the acquisition of mineral property assets.
Trading on the shares of American Copper Development Corporation was halted until the completion of fundamental changes.
