announced shareholder vote results regarding a business combination with Alto Verde Copper Inc.has
The vote of 17,607,681 shares, representing 72.2% of Alto Verde shares, was overwhelmingly in favor of a business combination between the two companies.
There were no shares opposing the decision. At this announcement, the company released it had completed this combination.
Director and CEO Chris Buncic commented "Combining our companies is the exciting first step in executing our plans to build a multi-jurisdictional copper-focused company and establish a significant platform for growth within the copper market . . . We look forward to advancing our projects within Chile and British Columbia, situated within two proven copper belts."
According to company documents, Interra Copper is a junior exploration and development company focused on creating shareholder value through the advancements of its portfolio of highly prospective exploration assets that include the Tres Marias and Zenaida projects in Antofagasta Region of Chile, Pitbull in the Tarapaca Region of Chile, and the Thane and Chuck Creek projects in north-central British Columbia, Canada.
Interra's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate.
Chris Buncic, President and CEO of Interra Copper, was a co-founder of Alto Verde Copper Inc., and was previously President and CEO of Ascendant Resources Inc. (ASND-T) where they had acquired and rehabilitated the El Mochito lead-zinc-silver underground mine in Honduras, restoring it to profitability and positive cash flow within a 12-month period. The combined management team, board of directors, and board of advisors have a proven history of developing, financing, and operating mines around the world over the past 20+ years.
With a large gap in supply that is due to begin affecting the market within the next six to 12 months, the price of copper is set to surge. It was up almost 10% year-to-date as of February 21, 2023.
Capital.com explored the increased demand for copper as the world moves towards a future less heavily reliant on fossil fuels, and explained that, because it's an excellent conductor of heat and electricity, copper is required in the wiring of electric vehicles and solar panels.
Clive Maund reported in February that he thinks Interra Copper is "poised to advance soon."
It's also used as a key component of many metal alloys, such as the sterling silver used in jewelry.
According to the Royal Society of Chemistry, the top producer of copper worldwide is Chile, followed by Peru and China. Natural Resources Canada reported that, in 2021, Canadian mines produced 541,648 tonnes of copper, of which half was from British Columbia alone.
In that same year, Canada's total trade in copper and copper-based products was valued at CA$15 million. Copper is also listed as a strategic raw material, according to the terms set out in the Critical Raw Materials Act.
The Economic Times' long-term view on copper is "moderately bullish" and posited that copper supply outside of China is tighter.
Multiple Upcoming Catalysts
Interra Copper expects to begin its drilling campaign in the coming weeks and is also planning other initiatives that will bring value to its shareholders. It expects to deliver an update on the drilling project in May. A press release reviewing the technical work to date and motivations for the drilling campaign should be forthcoming, and the company would expect assay results to be released later in the summer, depending on the timing from independent laboratories.
Streetwise Ownership Overview*
Clive Maund reported in February that he thinks Interra Copper is "poised to advance soon." He also referenced a "flurry of heavy buying" in February that "drove up the Accumulation line." He said that Interra Copper could be "rated an immediate speculative Buy."
Ownership and Share Structure
Management, directors, and insiders own around 10.7% of shares (2.4 million shares). President, CEO, and Director of Interra Copper, Chris Buncic, owns 793,356 shares. and Director and COO Jason Nickel owns around 200,000 shares.
A small number of shares, around 0.4% are owned by institutions; the rest are owned by the general public.
Interra Copper is based in Vancouver, Canada. It has a market cap of CA$18 million, 22.5 million shares outstanding, five million warrants, and 554,000 options. The number of issued shares is 8,388,424.
The company trades at a 52-week range of between CA$0.28 and CA$1.08.
1) Lauren Rickard wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee. They or members of their household own securities of the following companies mentioned in the article: None. They or members of their household are paid by the following companies mentioned in this article: None. Their company has a financial relationship with the following companies referred to in this article: None.
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As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Interra Copper Corp. and Alto Verde Copper Inc., companies mentioned in this article.