VANCOUVER, Sept. 1, 2016 /CNW/ - NovaCopper Inc.
(TSX, NYSE-MKT: NCQ) ("NovaCopper" or the "Company") is pleased to
announce the completion of the previously announced sale of its
wholly-owned subsidiary, Sunward Investments Limited, to Brazil
Resources Inc. ("BRI"). NovaCopper sold Sunward Investments
Limited, which indirectly owns the Titiribi property, located in
Antioquia Province of Colombia, to
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$2.39, the value of the 5 million common shares
of BRI would be approximately C$12.0
million (US$9.1
million).
NovaCopper Changing its Name to Trilogy Metals
To better reflect the diversity of metals at the Company's
100%-owned Upper Kobuk Minerals Projects located in northwest
Alaska, NovaCopper will change its
corporate name to Trilogy Metals Inc. The Company expects to
commence trading under the symbol "TMQ" and operating under the new
name, and to launch its new website at www.trilogymetals.com, on
September 8, 2016.
About NovaCopper
NovaCopper Inc. is a metals exploration company focused on
exploring and developing the Ambler mining district located in
northwestern Alaska. It is one of
the richest and most-prospective known copper-dominant districts
located in one of the safest geopolitical jurisdictions in the
world. It hosts world-class polymetallic VMS deposits that contain
copper, zinc, lead, gold and silver, and carbonate replacement
deposits which have been found to host high grade copper
mineralization. Exploration efforts have been focused on two
deposits in the Ambler district - the Arctic VMS deposit and the
Bornite carbonate replacement deposit. Both deposits are located
within NovaCopper's land package that spans approximately 143,000
hectares. NovaCopper has an agreement with NANA Regional
Corporation, Inc., a Regional Alaska Native Corporation that
provides a framework for the exploration and potential development
of the Ambler mining district in cooperation with local
communities. Our vision is to develop the Ambler mining district
into a premier North American copper producer.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. All statements, including
the anticipated commencement of trading and operations under the
new name, other than statements of historical fact are
forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as "expects",
"anticipates", "believes", "intends", "estimates", "potential",
"possible", and similar expressions, or statements that events,
conditions, or results "will", "may", "could", or "should" occur or
be achieved. Forward-looking statements involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from NovaCopper's expectations include the uncertainties
involving receipt of required regulatory approvals, satisfaction of
closing conditions, the need for additional financing to explore
and develop properties and availability of financing in the debt
and capital markets; uncertainties involved in the interpretation
of drilling results and geological tests and the estimation of
reserves and resources; the need for cooperation of government
agencies and native groups in the development and operation of
properties and infrastructure; the need to obtain permits and
governmental approvals; risks of construction and mining projects
such as accidents, equipment breakdowns, bad weather,
non-compliance with environmental and permit requirements,
unanticipated variation in geological structures, metal grades or
recovery rates; unexpected cost increases, which could include
significant increases in estimated capital and operating costs;
fluctuations in metal prices and currency exchange rates; and other
risks and uncertainties disclosed in NovaCopper's Annual Report on
Form 10-K for the year ended November 30,
2015 filed with Canadian securities regulatory authorities
and with the United States Securities and Exchange Commission and
in other NovaCopper reports and documents filed with applicable
securities regulatory authorities from time to time. NovaCopper's
forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. NovaCopper assumes
no obligation to update the forward-looking statements or beliefs,
opinions, projections, or other factors, should they change, except
as required by law.
SOURCE NovaCopper Inc.