Canadian Copper Inc. (CNSX:CCI) entered into a letter of intent to acquire a 72% stake in Murray Brook Project located in the Bathurst Mining Camp of New Brunswick from Votorantim Metals Canada Inc. on February 13, 2023. Canadian Copper Inc. (CNSX:CCI) entered into a definitive purchase agreement to acquire a 72% stake in Murray Brook Project located in the Bathurst Mining Camp of New Brunswick from Votorantim Metals Canada Inc. on August 1, 2023. The consideration includes a CAD 250,000 deposit paid to Seller upon expiration of Right of First Refusal, CAD 750,000 installment to be paid by the Company to the Seller upon PA execution.

The issuance of 2,000,000 units of Canadian Copper. Each unit to consist of one common share priced using the 30-day volume-weighted average price. The replacement of the Seller's bond provided to the Government of New Brunswick totaling CAD 2,000,000 within three months of closing the transaction.

A final installment of CAD 2,000,000 to be paid by the Company to the Seller within 31 days of commercial production. As of July 12, 2023, A private placement of CAD 1 million to fund CAD 0.75 million cash payment is committed and is expected to close on July 31, 2023. As on July 31, 2023, The private placement of CAD 1 million was oversubscribed and proceeds of CAD 1.09556 were obtained.

The transaction is subject to exchange approvals, and the execution of a definitive purchase agreement and consummation of private placement. After the Company satisfies conditions, Canadian Copper will have completed its purchase of a 72% interest in the MB Joint Venture, and the minority partner will retain the remaining 28% interest.