Trading Symbol: CCY
VANCOUVER, March 18, 2014 /CNW/ - Catalyst Copper Corp.
("Catalyst" or the "Company") (TSX VENTURE:CCY) announces that it
has entered into loan agreements (the "Loan Agreements") with
several private lenders (the "Lenders"), including an insider
of the Company, the Radcliffe Foundation, for an aggregate amount
of $1.2 Million bearing interest at a
rate of 10% per annum, compounded monthly in arrears (the "Loans").
The principal amount of the Loans is due and payable on
December 31, 2014. The Company has
executed a security agreement in favour of the Lenders granting a
first security interest in all present and future undertaking and
property of the Company to the Lenders.
A portion of the proceeds of the Loans was used to repay the
principal amount of CAD $300,000 plus
interest on the outstanding convertible notes of the Company issued
on September 24, 2013. The remaining
proceeds of the Loans will be used to settle the Company's debts
and for general working capital.
The Company also announces that pursuant to the Company's Stock
Option Plan and having received disinterested shareholder approval,
a total of 1,628,000 (post-consolidated) previously granted stock
options have been re-priced to $0.05
per share, subject to TSX Venture Exchange approval. Except
for the amendment of the exercise price, all original terms of the
stock options will remain in effect.
The Company further reports that at the Annual General and
Special Meeting held on December 10,
2013 its shareholders voted to adopt amendments to the
Company's Articles to include advance notice provisions (the
"Advance Notice Provisions").
The Advance Notice Provisions include, among other things, a
provision that requires advance notice be given to the Company in
circumstances where nomination of persons for election to the Board
are made by shareholders of the Company.
The Advance Notice Provisions set a deadline by which
shareholders must submit nominations (a "Notice") for the election
of directors to the Company prior to any annual or special meeting
of shareholders. The Advance Notice Provisions also set forth
the information that a shareholder must include in the Notice to
the Company, and establish the form in which the shareholder must
submit the Notice for that notice to be in proper written form.
In the case of an annual meeting of shareholders, a Notice must
be provided to the Company not less than 30 days and not more than
65 days prior to the date of the annual meeting. However, in
the event that the annual meeting is to be held on a date that is
less than 50 days after the date on which the first public
announcement of the date of the annual meeting was made, a Notice
must be provided to the Company not later than the close of
business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not
also an annual meeting) notice to the Company must be made not
later than the close of business on the 15th day following the day
on which the first public announcement of the date of the special
meeting was made.
A copy of the Company's amended Articles containing the Advance
Notice Provisions will be available under the Company's profile on
SEDAR at www.sedar.com.
About Catalyst Copper:
Catalyst Copper Corp. is a copper and base metal company with a
focus on copper mining projects in Mexico. Our current focus is the La Verde copper property, which is situated in
the Sierra Madre del Sur approximately 320 kilometres west of
Mexico City in Michoacán State
with excellent infrastructure: roads, rail, water and power.
Lazaro Cardenas, Mexico's third
largest port on the Pacific Ocean is 180 km from the site. A 43-101
Technical Report dated September 30,
2012 on the La Verde
property is filed on Sedar.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CATALYST COPPER CORP.
"Gordon Keep"
Gordon Keep – Director
Certain information set forth in this news release may
contain forward-looking statements that involve substantial known
and unknown risks and uncertainties. These forward-looking
statements are subject to numerous risks and uncertainties, certain
of which are beyond the control of the Company, including, but not
limited to, risks associated with mineral exploration and mining
activities, the impact of general economic conditions, industry
conditions, dependence upon regulatory approvals, and the
uncertainty of obtaining additional financing. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Catalyst Copper Corp.