VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Alpha Copper Corp. (CSE:ALCU) (OTC:ALCUF) (FWB: PP0) ("Alpha Copper" or the "Company"), a resource sector enterprise founded to create value through mineral exploration, technical development, and asset acquisition, is pleased to announce that it has entered into a definitive agreement (the "Agreement") with Northwest Copper Corp. (the "Seller"), pursuant to which it proposes to acquire a 100% undivided legal and beneficial interest in the Okeover Copper (molybdenum) Project (the "Okeover Project"), which encompasses twelve (12) mineral claims comprising approximately 4,613 hectares located in the Province of British Columbia (the "Acquisition").
Pursuant to the Agreement, the Company has agreed to issue to the Seller that number of common shares of the Company (the "Shares") having an aggregate value of $500,000 at a deemed price per Share equal to the current market price, to be calculated in accordance with the terms of the Agreement. One-half (50%) of the Shares will be subject to a 12-month lock-up and the Seller has agreed not to sell, dispose of or otherwise transfer the Shares until released from lock-up. The Seller has granted the Company an irrevocable right of first refusal to repurchase the Shares should the Seller decide to sell them in the future. In addition, the Company granted to the Seller a 2% net ...