In This Article:
Highlights:
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Orecap's Portfolio company Cuprum acquired by XXIX Metal Corp. in an all-share deal.
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Orecap's now owns 15.1% if XXIX
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XXIX becomes one of Eastern Canada's largest copper developer.
Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Orecap Invest Corp. (TSXV: OCI) (OTCQB: ORFDF) (the "Company" or "Orecap") is pleased to announce that its portfolio company, XXIX Metal Corp. (formerly QC Copper and Gold Inc.) ("XXIX"), has acquired 100% of the issued and outstanding common shares ("Cuprum Shares") of Cuprum Corp. ("Cuprum"), establishing XXIX as one of Canada's largest copper resource developers, with two multi-billion-pound copper deposits in Quebec and Ontario (the "Transaction").
Pursuant to the Transaction, XXIX acquired all the issued and outstanding Cuprum Shares, including the 29,500,000 Cuprum Shares (37.5%) owned by Orecap, in consideration for the issuance of 1.1538 common shares of XXIX ("XXIX Shares") for each one Cuprum Share, based on the XXIX Share price of $0.13. Prior to completion of the Transaction, Orecap owned 5,059,752 XXIX Shares (representing 2.9% of the outstanding XXIX Shares) and following the completion of the Transaction, Orecap owns 34,037,100 XXIX Shares (representing 15.1% of the outstanding XXIX Shares).
Orecap: (i) acquired the XXIX Shares in connection with the Transaction; (ii) holds the XXIX Shares for investment purposes; and (iii) does not have any current intentions to increase or decrease its beneficial ownership or control or direction over any additional securities of XXIX. Orecap may, from time to time and depending on market and other conditions, acquire additional XXIX Shares through market transactions, private agreements, treasury issuances, dividend reinvestment programs, exercise of options, convertible securities or otherwise, or may sell all or some portion of the XXIX Shares its owns or controls, or may continue to hold the XXIX Shares. An early warning report will be filed by Orecap in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.ca.
Orecap's Current Equity Holdings include:
| Company (Ticker) | Shares Owned / (% of Outstanding Shares) |
| Mistango River Resources (MIS:CSE) | 24,708,975 / (13.9%) |
| XXIX Metal Corp. (QCCU:TSXV | QCCUF:OTCQB) | 39,096,852/ (15.1%) |
| American Eagle Gold (AE:TSXV | AMEGF:OTCQB) | 11,783,748 / (8.9%) |
| Awale Resources (ARIC:TSXV) | 8,333,333 + 4,166,666 warrants / (9.6%) |
About Orecap Invest Corp.
Orecap seeks special situation investments in the natural resource sector that offer shareholders diverse exposure to high returns on precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies, such as American Eagle Gold (TSXV: AE) (OTCQB: AMEGF), XXIX Metal Corp. (TSXV: QCCU) (OTCQB: QCCUF), Mistango (CSE: MIS), Awale Resources (TSXV: ARIC), and Cuprum Corp. in addition to owning a broad portfolio of land packages focused on gold, copper and zinc. Agnico Eagle Mines Limited is a 9.9% shareholder.