XXIX Metal Corp, formerly QC Copper and Gold Inc. (TSX-V:QCCU, OTCQB:QCCUF), announced on Monday that it has completed the acquisition of Cuprum Corp and its copper assets.
The deal gives XXIX control over two multi-billion-pound copper deposits in Quebec and Ontario.
The acquisition, described as a "transformative milestone" by CEO Stephen Stewart, brings Ontario's Thierry copper project into the fold, complementing the company's flagship Opemiska project in Quebec.
Opemiska, touted as Canada’s highest-grade copper resource, spans 13,000 hectares in Quebec’s Chapais-Chibougamau region. A resource update in January 2024 reported a 16% increase in contained copper equivalent (CuEq), with measured and indicated resources of 87.3 million tonnes at 0.93% CuEq.
The newly acquired Thierry project in Ontario boasts two past-producing open pits and significant existing infrastructure, including all-season road access, proximity to an airport, and connectivity to a provincial power grid and rail.
“The acquisition enhances XXIX's scale, establishing the company as one of Eastern Canada's largest copper developers with a multi-billion-pound resource portfolio,” CEO Stephen Stewart said in a statement.
“With the transaction now complete, XXIX's technical team will focus on advancing both Opemiska and Thierry in tandem, accelerating the development of these cornerstone assets.”
Under the agreement, XXIX issued approximately 83.9 million common shares to acquire all outstanding shares of Cuprum, based on a share price of $0.13. Following the transaction, XXIX has 258.3 million shares outstanding.
Shares of XXIX are set to start trading under the new ticker symbol “XXIX” on December 11.