(TheNewswire)
February 14, 2024 – TheNewswire - Vancouver, British Columbia – Fabled Copper Corp.(“Fabled Copper” or the “Company”) (CSE:FABL ) ; ( FSE:XZ7) announces that it has providednotice of termination to the optionors under the option agreementswith respect to the Muskwa Project, the Bronson Property and each ofits Lithium properties, being the VOLT1 Property and the OHM Property(collectively the “ OptionAgreements ”).
The decision to terminate the Option Agreements wastaken due to (i) the Company’s current cash position (ii) theunavailability of additional financing to make required optionpayments and progress its projects; and (iii) there being no availablecompromise between the Company and the optionors to re-negotiateoutstanding and due option payments under the OptionAgreements.
The Company has entered into termination agreementsdated February 12, 2024 with the optionors of each of the MuskwaProject and the Bronson Property that have released the Company fromthe obligations to make any due payments to such optionors. Inconsideration the Company has transferred its respective ownershippositions in any claims comprised in the Muskwa Project back to theoptionors.
Following termination the Company retains no interestin the VOLT1 Property or the OHM Property and no amounts are owedunder the Option Agreements in relation thereto.
The Company only retains ownership of the claimscomprising the VOLT2 Property but has no plans to conduct any work onthe same in the foreseeable future.
The remaining members of the board of directors willcommence a review of potential options, including any availablealternative transactions that may preserve shareholder value and willprovide any updates on the same in due course.
Resignation of Directors andOfficers
The Company further announces that each of Mr. PatrickDonovan and Mr. Louis Martin have resigned as directors of the Companyas of February 9, 2024. In addition Mr. Eric Tsung has resigned as CFOof the Company (as of February 8, 2024).
The Company would like to thank each of the resigningdirectors and officers for their contributions to the Company and wishthem the best in the future.
The Company currently has two directors being Mr. PeterJ. Hawley and Mr. Luc Pelchat. The Company will seek to appoint athird director to join the board of directors as is required byapplicable corporate and securities laws and the policies of theCanadian Securities Exchange (the “CSE”).
Mr. Peter J. Hawley, President and CEO of the Companyhas been appointed interim CFO of the Company. The Company will seekto appoint a permanent CFO to join the Company as soon as it isable.
The Company will provide updates regarding suchappointments by subsequent news release.
The Company’s stock will remain halted pending theongoing review of the CSE.
About FabledCopper Corp.
Fabled is a publicly traded company which formerlyoperated as a mining exploration company but is currently focused onidentifying new opportunities.
Mr. Peter J. Hawley, President andC.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
For further information pleasecontact:
The Canadian Securities Exchangedoes not accept responsibility for the adequacy or accuracy of thisrelease.
Cautionary NoteRegarding Forward-Looking Information
Certain statements contained in thisnews release constitute "forward-looking information" assuch term is used in applicable Canadian securities laws.Forward-looking information is based on plans, expectations andestimates of management at the date the information is provided and issubject to certain factors and assumptions, including, that theCompany's financial condition and development plans do not change as aresult of unforeseen events and that the Company obtains any requiredregulatory approvals. Forward-lookinginformation includes statements that are not historical facts and aregenerally, but not always, identified by the words"expects," "plans," "anticipates,""believes," "intends," "estimates,""projects," "potential" and similar expressions,or that events or conditions "will," "would,""may," "could" or "should" occur.
Forward-looking information in this document includesstatements concerning the Company’s intention to complete theProposed Acquisition and all other statements that are not statementsof historical fact.
Forward-looking information issubject to a variety of risks and uncertainties and other factors thatcould cause plans, estimates and actual results to vary materiallyfrom those projected in such forward-looking information. Some of therisks and other factors that could cause results to differ materiallyfrom those expressed in the forward-looking statements include, butare not limited to: impacts from the coronavirus or other epidemics,general economic conditions in Canada, the United States and globally;industry conditions, including fluctuations in commodity prices;governmental regulation of the mining industry, includingenvironmental regulation; geological, technical and drilling problems;unanticipated operating events; competition for and/or inability toretain drilling rigs and other services; the availability of capitalon acceptable terms; the need to obtain required approvals fromregulatory authorities; stock market volatility; volatility in marketprices for commodities; liabilities inherent in mining operations;changes in tax laws and incentive programs relating to the miningindustry; as well as the other risks and uncertainties applicable tothe Company as set forth in the Company's continuous disclosurefilings filed under the Company's profile at www.sedarplus.ca . The Company undertakes no obligation toupdate these forward-looking statements, other than as required byapplicable law.
Copyright (c) 2024 TheNewswire - All rights reserved.