Sterling Metals Corp Announces Shareholder Approval for Transaction with Copper Road Resources

TORONTO, ON - Sterling Metals Corp (TSXV:SAG)(OTCQB:SAGGF) has successfully secured approval from Copper Road Resources shareholders for a significant transaction which saw an overwhelming 90.88% voting in favor. The deal, involving the transfer of all substantial mineral rights in Ontario owned by Copper Road Resources to Sterling, was sanctioned during a special shareholders meeting on April 30, 2024.

The strategic transaction includes Sterling acquiring 1000797918 Ontario Inc., a fully-owned subsidiary of Copper Road Resources. Furthermore, it entails a reduction in stated capital, allowing the distribution of Sterling common shares as part of the transaction consideration to Copper Road shareholders. This move aims to enhance regional copper exploration capabilities within the stable jurisdictions of Ontario and Labrador.

CEO Mathew Wilson of Sterling expressed gratitude towards the shareholders for their support and enthusiasm about the potential for copper market expansion. The transaction also involves the transfer of two option agreements for the East Breccia Property and Tribag Property, as well as the Coppercorp-Glenrock Gold Property, totaling 1,167 mineral claims in the Batchewana Bay Region of Ontario.

The completion of this transaction, expected in May 2024, remains subject to standard closing conditions, including regulatory approvals from stock exchanges. With favorable copper market fundamentals, Sterling Metals aims to leverage these new assets to strengthen its copper exploration projects.