Aurwest Resources Corporation ('Aurwest' or the 'Company') (CSE:AWR) announces that further to it previously announced Plan of Arrangement on October 3, 2022 and in relation to the portion thereunder regarding the spin out of its Copper Stars property in British Columbia to Copper Star Exploration Ltd. ('Copper Star'), Cooper Star was required to complete a private placement financing in the minimum amount of $1,000,000 (the 'Financing') by September 28, 2023 ('Financing Condition Date') in connection with its proposed public listing on the Canadian Securities Exchange (the 'CSE').
Due to weakness in the capital markets and the mining sector over the course of the last year, management of Aurwest expected that the Financing would not be completed by the Financing Condition Date and in anticipation of this held a shareholders meeting on September 12, 2023 (the 'Meeting'), to among other things, approve the extension of the Financing Condition date by one (1) year until September 28, 2024 (the 'Financing Condition Extension'). Shareholder approval was received at the Meeting for the Financing Condition Extension and the accompanying Court Order was received on September 28, 2023 from the Supreme Court of British Columbia to vary the Plan of Arrangement to extend the Financing Condition until September 28, 2024. The distribution of the common shares of Copper Star to shareholders of Aurwest are conditional upon completion of the Financing and the CSE listing, and until such time, Copper Star shall remain a wholly owned subsidiary of Aurwest. There is no assurance that Copper Star will complete the Financing and/or the CSE listing within the time required under the varied Plan of Arrangement or at all.
Contact:
Tel: (403) 585-9875
Email: cmacdonald@aurwestresources.com
Web: www.aurwestresources.com
About Aurwest Resources Corporation
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently has three Option Agreements to earn a 100% interest in Paradise Lake and Stony Caldera projects covering a 57,600-hectare (576 sq kms) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the 28,814 hectare Stellar/Stars porphyry copper project, located approximately 25 kilometers southwest of Houston, British Columbia.
About Copper Star Exploration Ltd.
Copper Star is a private Canadian-based junior resource company focused on the acquisitions, exploration and development of mineral properties in Canada. Copper Star plans to complete a direct listing on the CSE and become a publicly listed company and owns 100% interest in the 28,814 hectare Stellar Stars copper/gold property, located approximately 25-65 kilometers southwest of Houston, British Columbia.
Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as 'forward-looking statements'. Forward looking statements may be identified by words including 'anticipates', 'believes', 'intends', 'estimates', 'expects' and similar expressions. The Company and Copper Star cautions readers that forward-looking statements, including without limitation those relating to Copper Star's and its potential public listing, future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company and Copper Star assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
AURWEST RESOURCES CORPORATION 