Vancouver, BC, February 6, 2023 – BCM Resources Corp (“BCM”) (TSXV: B) is pleased to announce that further to its September 15th, December 16th, 2022 and January 27th 2023 news releases, the Company completed its amalgamation with Inland Explorations Ltd. (the “Inland”) with BCM being the surviving entity. Pursuant to the terms of the amalgamation agreement dated December 14, 2022 and approved by the shareholders of both BCM and Inland, the Company issued a total 82,488,140 shares to Inland shareholders in order to consolidate a 100% ownership interest in BCM’s flagship Thompson Knolls (“TK”) Cu-Au-Mo porphyry project in the southwestern part of Utah, USA (the “Transaction”).
Upon completion of the Amalgamation, former holders of BCM Shares hold, in the aggregate 86,685,918 resulting issuer (BCM) shares (total of 4,814,082 BCM Shares held by Inland were cancelled), representing approximately 51% of the outstanding resulting issuer shares and the former holder of Inland shares now hold in the aggregate 82,488,140 resulting issuer shares representing approximately 49% of the outstanding resulting issuer shares. As a result of the foregoing, BCM has an aggregate of 169,174,000 common shares issued and outstanding.
Inland and BCM had certain common directors and officers. As such, pursuant to the policies of the TSXV, Inland is a "Non-Arm's Length Party" of BCM and the Transaction is non-arm’s length in nature. However, such common directors do not own, in the aggregate, more than 50% of the issued and outstanding securities of Inland or BCM, and accordingly the Transaction does not constitute a "Related Party Transaction" pursuant to TSXV Policy 5.9 or Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
“This acquisition of Inland consolidates 100% ownership of BCM’s flagship Thompson Knolls asset. BCM shareholders are poised to benefit from a simplified ownership structure as we aggressively explore the large porphyry target at TK” says Dr. Sergei Diakov, President & Director of BCM.
About BCM Resources Corporation
BCM Resources Corporation is a diversified Canadian mineral exploration company now focused on completing Phase One discovery drilling of the Thompson Knolls property, its key asset. BCM also controls prospective Copper, Gold, and Molybdenum exploration projects in British Columbia. BCM Resources is managed by experienced and successful board members and advisors. For further information, including area maps, sections, and photos, please visit our web site at www.bcmresources.com or contact us by e-mail at firstname.lastname@example.org.
ON BEHALF OF BCM RESOURCES CORP.
Chief Executive Officer
For further information please contact:
Investor Relations, Telephone: 1 (604) 646-0144, ext. 222
Caution Concerning Forward-Looking Statements:
This news release and related texts and images on BCM Resource Corporation’s website contain certain “forward-looking statements” including, but not limited to, statements relating to the interpretation of mineralization potential, drilling and assay results, future exploration work, and the anticipated results of this work. Forward-looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company’s projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits and access agreements may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, and; the possibility of cost overruns or unanticipated expenses in these exploration programs.
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.