NovaCopper Sells Titiribi Property to Brazil ResourcesNovaCopper Inc. • August 19th, 2016 • Gold and silver ores
VANCOUVER, Aug. 18, 2016 /CNW/ - NovaCopper Inc. (TSX, NYSE-MKT: NCQ) ("NovaCopper" or the "Company") has entered into a share purchase agreement to sell its wholly-owned subsidiary, Sunward Investments Limited, which indirectly owns the Titiribi property to Brazil Resources Inc. ("BRI") in exchange for 5 million common shares of BRI and 1 million warrants. Each warrant is exercisable into one common share of BRI for a period of two years from the closing date of the transaction at a price of C$3.50 per BRI common share. Using the 20 day volume weighted average price of BRI shares on the TSX-V of C$2.61, the value of the 5 million common shares of BRI would be approximately C$13.1 million. Closing of the transaction is subject to satisfaction of certain closing conditions and receipt of regulatory approval, and is anticipated to occur on or about September 1, 2016.
