By 1 p.m. ET Tuesday, the stock had gone up to C$0.14 apiece, giving QC Copper a market capitalization of C$23.5 million. It traded between C$0.11 and C$0.18 over the past 52 weeks.
After closing the deal, QC plans to rebrand and change its name to XXIX Metal Corp. with a new TSXV ticker symbol XXIX to signal a new era for the company.
Both QC Copper and Cuprum are currently part of the Orecap Invest (TSXV: OCI) portfolio. Upon completion, Orecap’s ownership of QC would increase to 15.2%. It previously held 37.9% of Cuprum and 2.9% of QC.
Copper resource boost
The acquisition of Culprum and its Thierry project, says QC, would potentially increase the company’s current copper resource base by 70%. The Thierry copper property spans 79 square kilometres and hosts a former mine that produced 5.8 million tonnes grading 1.13% copper and 0.14% nickel between 1976-1982.
Thierry currently has two resource-stage deposits: Thierry…
