14:33:15 EDT Tue 21 May 2024
Enter Symbol
or Name
USA
CA



Fabled Copper Corp (2)
Symbol FABL
Shares Issued 21,745,173
Close 2024-02-12 C$ 0.04
Market Cap C$ 869,807
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Fabled Copper cancels option deals; directors resign

2024-02-14 13:53 ET - News Release

Mr. Peter Hawley reports

FABLED COPPER ANNOUNCES NOTICE OF TERMINATION OF ALL OPTION AGREEMENTS AND RESIGNATIONS OF DIRECTORS AND OFFICERS

Fabled Copper Corp. has provided notice of termination to the optionors under the option agreements with respect to the Muskwa project, the Bronson property and each of its lithium properties, being the VOLT1 property and the OHM property.

The decision to terminate the Option Agreements was taken due to (i) the Company's current cash position (ii) the unavailability of additional financing to make required option payments and progress its projects; and (iii) there being no available compromise between the Company and the optionors to re-negotiate outstanding and due option payments under the Option Agreements.

The Company has entered into termination agreements dated February 12, 2024 with the optionors of each of the Muskwa Project and the Bronson Property that have released the Company from the obligations to make any due payments to such optionors. In consideration the Company has transferred its respective ownership positions in any claims comprised in the Muskwa Project back to the optionors.

Following termination the Company retains no interest in the VOLT1 Property or the OHM Property and no amounts are owed under the Option Agreements in relation thereto.

The Company only retains ownership of the claims comprising the VOLT2 Property but has no plans to conduct any work on the same in the foreseeable future.

The remaining members of the board of directors will commence a review of potential options, including any available alternative transactions that may preserve shareholder value and will provide any updates on the same in due course.

Resignation of Directors and Officers

The Company further announces that each of Mr. Patrick Donovan and Mr. Louis Martin have resigned as directors of the Company as of February 9, 2024. In addition Mr. Eric Tsung has resigned as CFO of the Company (as of February 8, 2024).

The Company would like to thank each of the resigning directors and officers for their contributions to the Company and wish them the best in the future.

The Company currently has two directors being Mr. Peter J. Hawley and Mr. Luc Pelchat. The Company will seek to appoint a third director to join the board of directors as is required by applicable corporate and securities laws and the policies of the Canadian Securities Exchange (the "CSE").

Mr. Peter J. Hawley, President and CEO of the Company has been appointed interim CFO of the Company. The Company will seek to appoint a permanent CFO to join the Company as soon as it is able.

The Company will provide updates regarding such appointments by subsequent news release.

The Company's stock will remain halted pending the ongoing review of the CSE.

About Fabled Copper Corp.

Fabled is a publicly traded company which formerly operated as a mining exploration company but is currently focused on identifying new opportunities.

We seek Safe Harbor.

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