02:49:08 EST Thu 12 Dec 2019
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Copper North Mining Corp (2)
Symbol COL
Shares Issued 85,900,413
Close 2019-11-26 C$ 0.025
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Copper North sues over Granite Creek offer

2019-11-29 10:30 ET - Street Wire

Also Street Wire (C-GCX) Granite Creek Copper Ltd

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by Mike Caswell

Copper North Mining Corp. has filed a lawsuit in the Supreme Court of British Columbia against Granite Creek Copper Ltd. over Granite Creek's offer to acquire 30 per cent of Copper North. According to the suit, the offer violates an agreement between the companies. They had been negotiating a potential merger, and had agreed that neither would acquire shares of the other.

The allegations come just after Granite Creek publicly stated its intention to acquire 26,146,233 shares of Copper North. In a news release issued on Nov. 21, 2019, it said that it would buy the stock through a private agreement. The shares amount to 30 per cent of Copper North. The reasoning for the acquisition, at least as set out in the news release, was that the companies had adjoining claim blocks with common geology and potential. (Granite Creek's Stu copper-gold project is north of Copper North's Carmacks project.)

The offer, however, has not received a positive reception from Copper North. In a statement of claim filed at the Vancouver courthouse on Nov. 22, 2019, Copper North says that the deal violates an agreement between the companies. That agreement, dated Aug. 14, 2019, came as the two companies were evaluating a potential merger or some sort of business combination. As with many such arrangements, the two companies had to exchange confidential information. To safeguard this information, the companies entered into the agreement.

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