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Enter Symbol
or Name
USA
CA



Carube Copper Corp
Symbol CUC
Shares Issued 64,888,433
Close 2016-06-23 C$ 0.13
Market Cap C$ 8,435,496
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Carube Copper shareholders approve all matters at AGSM

2016-06-27 11:52 ET - News Release

Mr. Jeff Ackert reports

CARUBE COPPER CORP. REPORTS ON ANNUAL MEETING

Carube Copper Corp. has released the results of its annual general and special meeting held in Carp, Ont., on June 23, 2016. A total of 33,708,538 shares, or 52 per cent of the outstanding shares of the company, were represented at the meeting by proxy or in person. All of the matters submitted to the shareholders for approval as set forth in the company's notice of meeting and information circular dated May 6, 2016, were approved by more than 97 per cent of votes cast.

AGM approvals

Alar Soever, Dr. Vern Rampton, Marz Kord, Jeffrey Ackert, Greg LeBlanc and Mark Pfau were re-elected as directors. The appointment of PricewaterhouseCoopers LLP as auditor was confirmed unanimously.

As fully put forth and described in the information circular, the stock option plan of the company was approved by 99 per cent of votes cast, and the RSU/DSU (restricted stock unit/deferred stock unit) plan and the reservation for issuance of the maximum number of shares permitted under the plan were approved by 97 per cent of the disinterested shareholders.

Officers and directors as of today remain:

  • Mr. Soever, PGeol, chairman of the board, independent director;
  • Mr. Ackert, BSc (geology), president and chief executive officer, director;
  • Dr. Rampton, PhD, PEng, executive vice-president of corporate development, director;
  • John McNeice, CA, CPA, chief financial officer;
  • Chris Irwin, BA, LLB, corporate secretary and counsel;
  • Darrell Munro, BBA, LLB, corporate administrator.

Increasing shareholder value

Mr. Ackert, president and CEO, said: "To achieve our goal, Carube Copper continues with its strategy of joint venturing a number of our projects to large well-funded companies. This will minimize the development cost to Carube, minimize dilution of the company and maximize shareholder value."

Two major joint ventures

Oz Minerals Ltd., Carube Copper's partner at the Bellas Gate joint venture in Jamaica, has completed over $8-million in expenditures to earn a 70-per-cent interest in the JV. Oz Minerals has elected to solely finance phase 5 expenditures on the Bellas Gate project. By financing phase 5, which includes all work to the completion of a feasibility study, Oz Minerals will earn an additional 10-per-cent interest in the project. The initial work within the phase 5 program will include close to 2,000 metres of drilling on four priority copper prospects, as well as mapping, sampling and ground geophysics on these and other targets. At the Above Rocks joint venture, Oz Minerals has completed airborne geophysics and is advancing the phase 1 exploration program where $500,000 in expenditures will earn it a 40-per-cent interest. The initial work program will consist of mapping and sampling leading up to drilling a number of the high-priority target areas.

Five wholly owned projects

Carube Copper holds a 100-per-cent interest in Main Ridge and Hungry Gully, two copper and gold projects totalling 80 square kilometres in Jamaica. In Canada, it holds a 100-per-cent interest in three porphyry copper-gold-molybdenum properties totalling 593 square kilometres in southwestern British Columbia. Exploration continues on these properties with the goal of joint venturing them to larger exploration and mining companies. Carube Copper continues to seek opportunities in Canada and the Caribbean for acquisition and development.

We seek Safe Harbor.

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