World Copper Ltd. (“World Copper” or the “Company“; TSXV: WCU, OTCQB: WCUFF) announces that Cardero Resource Corp. (“Cardero“) shareholders have approved all matters voted on at the annual and special meeting (“Cardero ASM“) held on December 10, 2021, including the approval of the previously announced plan of arrangement (the “Arrangement“), whereby the Company and Cardero have agreed to combine their respective businesses (the “Arrangement Resolution“) (see news releases dated April 20, June 9, September 20 and November 9, 2021).
Nolan Peterson, World Copper’s CEO stated, “By voting overwhelmingly to approve the merger with World Copper, the shareholders of Cardero have provided a strong vote of confidence as we now move to complete this merger. Zonia is a premier asset in an excellent jurisdiction and a perfect complement to our Escalones project in Chile. The World Copper team and I look forward to soon welcoming Cardero shareholders into the company.”
The Arrangement Resolution was approved by 100% of the votes cast by the Cardero shareholders present in person or by proxy at the Cardero ASM, including 99.99% of votes cast by minority Cardero shareholders. Cardero will now make an application to seek final approval (the “Final Order”)of the Arrangement from the Supreme Court of British Columbia. Upon receiving the Final Order, it is anticipated that the Arrangement will be completed on or about December 20, 2021. The completion of the Arrangement will be subject to receipt of all necessary approvals, including final acceptance by the TSX Venture Exchange (the “TSXV“) of the Arrangement and the delisting of the Cardero common shares, and satisfaction by the parties of TSXV’s closing conditions and other conditions customary in transactions of this nature.
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Further information on the Arrangement can be found in the Cardero management information circular dated November 1, 2021, which is available on Cardero’s SEDAR profile at www.sedar.com.
ABOUT WORLD COPPER LTD.
World Copper Ltd., headquartered in Vancouver, BC, is a Canadian resource company focused on the exploration and development of its copper porphyry projects: Escalones and Cristal in Chile, and Zonia in Arizona. Two of these projects have estimated resources with significant soluble copper mineralization, and there are at least two other copper porphyry targets with exciting potential to expand the resource base. The Zonia project is being acquired as part of the Arrangement.
The World Copper team has a unique skill in navigating the mining sector within Chile, with some members having worked in the country for more than 40 years and with discovery success.