|October 09, 2020|
CROPS Provides Update on Proposed Acquisition of the Superior Lake Zinc Project
|October 9, 2020; Vancouver, Canada: CROPS Inc. ("CROPS" or the "Company") (TSXV:COPS) is pleased to provide an update on its proposed acquisition (the "Transaction") of the Superior Lake Zinc Project (the "Project") from Superior Lake Resources Limited (ASX:SUP) ("Superior Lake") through the purchase of 100% of the existing common shares of Pick Lake Mining Limited, a company incorporated under the laws of Nova Scotia, which at closing will hold all of Superior Lake's interest in the Project. The Transaction will result in a "Reverse Takeover" as that term is defined under TSX Venture Exchange ("TSX-V") Policy 5.2.
CROPS continues to work with Superior Lake to satisfy the conditions precedent to completion of the Transaction, including seeking requisite CROPS and Superior Lake shareholder approval, TSX-V approval for the Transaction and completing the previously announced concurrent financing of subscription receipts by CROPS.
Trading in the Company's common shares continues to be halted and is expected to remain halted until completion of the Transaction.
A copy of the share sale agreement between the Company, Superior Lake and its subsidiary has been filed on CROPS' SEDAR profile and is available on www.sedar.com.
In addition, CROPS announces that James Walchuck has been appointed as President of the Company in the place of Gordon Tainton. Gordon remains on the Board of Directors of the Company.
James Walchuck is a mining engineer and mining executive with 40 years' experience spread over three continents while working in and for over 13 mines. He has depth of experience in all aspects of mine engineering studies, mine development, mine operations and overseeing junior mining companies. He is knowledgeable in precious metals, potash, uranium and Zn metals. In addition to his skill set with the technical, developmental and operational aspects of mining, he is also experienced in the exploration sector.
James has held numerous engineering positions in mine operations as well as managerial roles in mining operations. He has overseen four feasibility studies and oversaw the development of mines. After 24 years in mining operations and engineering studies he moved into the junior mining sector for the last 17 years. He was the President and CEO of three junior companies gaining experience with governmental issues, investment bankers, finance, corporate governance, first nations, and investor relations. He has sat on the board of over 15 junior companies over his career.
Simon Ridgway, CEO of CROPS, commented: "On behalf of the Board, I welcome Jim to the CROPS management and geological team who will apply their extensive experience to advance the Superior Lake Zinc Project. I also thank Gordon for his contributions to the management of the Company over the past four years."
CROPS is a TSXV-listed mineral exploration company led by an experienced management team with a track-record of building value in resource companies. For further information, please visit our web site www.crop2o5.com.
ON BEHALF OF THE BOARD
Simon Ridgway, Chief Executive Officer
For further information, contact:
Simon Ridgway, CEO
Neither the TSXV nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained in this news release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future conditions and courses of action. All statements and information other than statements of historical fact may be forward looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking statements in this news release include, but are not limited to: the ability of the Company to complete the Transaction and the concurrent financing,, and trading in the Company's common shares. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Transactions.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such uncertainties and factors relate to, among other things, the Transaction, the Project and the Company assuming the Transaction will be completed; changes in general economic conditions and financial markets; unanticipated costs and expenses; the Company may be unsuccessful in attracting and retaining key personnel; the Company may be subject to litigation; risks relating to widespread epidemics or pandemic outbreak and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the applicable stock exchange and shareholder approvals to the Transaction will be obtained; that the Transaction and concurrent financing will be completed as planned; that there will be no material adverse change affecting the Company or its properties; the ability of the Company to continue to operate during the COVID-19 pandemic; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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