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Granite Creek Obtains Securityholder Approval for Arrangement
Newsfile· 2025-08-05 20:41
Core Viewpoint - Granite Creek Copper Ltd. has received securityholder approval for its plan of arrangement with Cascadia Minerals Ltd., with approximately 92% of securityholders voting in favor of the transaction [1]. Group 1: Arrangement Details - The arrangement involves Cascadia acquiring all issued and outstanding common shares of Granite Creek, pending final court approval and customary closing conditions, with an expected closing date around August 13, 2025 [2]. Group 2: Financial Transactions - Granite Creek has secured a non-interest bearing bridge loan from Cascadia amounting to $375,000 to cover transaction expenses, structured in two tranches of promissory notes [3]. - The first tranche is $125,000 dated June 18, 2025, and the second tranche is $250,000 dated June 27, 2025, with a conversion right allowing Cascadia to convert the loan into Granite Creek shares at $0.05 per share [3]. Group 3: Shares for Debt Transaction - Granite Creek has settled approximately $521,000 of debt to TruePoint Exploration Inc. and a Carmacks North royalty holder by issuing 13,265,705 shares at a price of $0.04 per share, which will be exchanged for Cascadia shares under the arrangement [4]. - TruePoint holds 11,515,705 Granite Creek shares post-transaction, representing about 5.43% of the outstanding shares [6]. Group 4: Company Overview - Granite Creek is a growth stage exploration company focused on acquiring and developing properties with potential for precious base or battery metals, with its flagship asset being the Carmacks Project located in the high-grade Minto copper district in Yukon Territory, Canada [7].