Quetzal Copper Limited entered into a binding letter of intent to acquire Ankh Capital Inc. (TSXV:ANKH.P) in a reverse merger transaction on February 22, 2023. Quetzal Copper Limited entered into a definitive amalgamation agreement to acquire Ankh Capital Inc. for CAD 1.6 million in a reverse merger transaction on May 15, 2023. Ankh will consolidate all of the then issued and outstanding Ankh Common Shares on the basis of one post-Consolidation Ankh Common Share for each previously outstanding two Ankh Common Shares and each Ankh Option and Ankh Warrant will be adjusted in accordance with their respective terms to account for the Consolidation. Quetzal will subdivide (the ?Subdivision?) all of the then issued and outstanding Quetzal Common Shares on the basis of three post-Subdivision Quetzal Common Shares for each previously outstanding Quetzal Shares and each Quetzal Option will be adjusted in accordance with its terms to account for the Subdivision. As per the agreement, all post-Subdivision securities of Quetzal will be exchanged for post-Consolidation equivalent securities of Ankh on a one-for-1.0979668 basis. In connection with and as a condition to the Transaction, Quetzal intends to complete an equity financing of Quetzal Common Shares for minimum gross proceeds of CAD 3,000,000. Ankh will change its name to ?Quetzal Copper Corp.? or such other name as may be determined by Quetzal. Upon completion of the Transaction, the Resulting Issuer will have Matthew Badiali as Chief Executive Officer and Director, Dilshan Anthony as Chief Financial Officer, Jennifer Hanson as Corporate Secretary, Christopher Lloyd as Vice President of Exploration and Barry Coughlan and John Fraser as Directors.

Completion of the transaction is subject to the satisfaction of customary closing conditions, including: (i) the satisfactory completion of due diligence by each of Ankh and Quetzal; (ii) receipt of all required approvals and consents relating to the Transaction, including without limitation any approvals of the shareholders of Ankh and Quetzal (which is not currently anticipated to be required), as required by the TSXV and under applicable corporate or securities laws; (iii) completion of the Private Placement; and (iv) the TSXV?s approval for listing the shares of the Resulting Issuer, the approval by the shareholders of Quetzal. Trading in Ankh common shares on the TSX-V will remain halted in compliance with the policies of the TSX-V in connection with the announcement of the transaction and is expected to remain halted pending the review of the transaction by the TSX-V and satisfaction of the conditions of the TSX-V for resumption of trading. It is not expected that trading in the Ankh common shares will resume prior to the closing. Assuming all conditions are
satisfied, closing of the Transaction is expected to occur on or around March 12, 2024.

Quetzal Copper Limited completed the acquisition of Ankh Capital Inc. (TSXV:ANKH.P) in a reverse merger transaction on March 12, 2024.