Mag Copper Limited

Mag Copper Limited

September 09, 2011 16:46 ET

Mag Copper Announces Purchase of Massey Copper Company Limited

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2011) -


Mag Copper Limited (CNSX:QUE) (the "Company") is pleased to announce that it has entered into a purchase agreement (the "Agreement") with Trelawney Mining and Exploration Inc. ("Trelawney") pursuant to which the Company will acquire all of the issued and outstanding shares of Massey Copper Company Limited, a wholly owned subsidiary of Trelawney and Trelawney will advance $1,000,000 to the Company in exchange for the issuance of 8,225,000 common shares ("Common Shares") of the Company.

Massey Copper Company Limited is the beneficial owner of a 100% undivided legal and beneficial interest in 6 patented and 20 unpatented mining claims located in the Townships of Salter and May, District of Sudbury, Ontario.

In connection with the terms of the Agreement, Gregory Gibson and Chris Irwin will be appointed directors of the Company. In addition, the following individuals will be appointed officers of the Company: Tyler Culhane, President and Chief Operating Officer, Gregory Gibson, Chairman; James Fairbairn, Chief Financial Officer; and Lisa McCormack, Corporate Secretary.

Brief biographies of the new directors and officers are as follows:

Gregory Gibson – Mr. Gibson, President and Chief Executive Officer of Trelawney, is a 30 year veteran of the mining industry having worked as a mine manager in gold and copper mines in Australia, a nickel mine in Timmins, Ontario and a gold mine in British Columbia. Mr. Gibson is a director of several public mining companies.

Chris Irwin – Mr. Irwin, partner of Irwin Lowy LLP, has over 17 years of experience advising public mineral exploration companies and is a Director of several companies. He has been a member of the Law Society of Upper Canada since 1996. Chris has extensive experience in private placements and in corporate agreements including joint ventures and merger and acquisition transactions.

Tyler Culhane – Mr. Culhane, a Mining Technologist graduated from the Haileybury School of Mines. He has over 20 years experience working in the mining industry, working as a mine manager and supervisor for several gold and copper companies in Canada and Australia, including Trelawney, St. Andrews Goldfields, Goldcorp and Liberty Minerals.

James Fairbairn – Mr. Fairbairn, CA, ICD.D, has more than 20 years experience with publicly-traded companies. He is a Chartered Accountant, having obtained his CA designation in 1987 and an Institute-certified Director. Mr. Fairbairn holds a B.A. from the University of Western Ontario. He is an officer of several public companies.

Lisa McCormack – Ms. McCormack is a seasoned professional Law Clerk, specializing in securities and corporate law. She is currently Corporate Secretary of Trelawney and other public companies. She has over 15 years of experience working for several securities and corporate finance law firms in Toronto and assisting public issuers within the mining industry.

In connection with the appointment of the new directors, Mr. James Brady and Mr. Andrew McQuire will resign as directors of the Company. The Company would like to thank Messrs. Brady and McQuire for their contributions to the Company.

After giving effect the share issuances Trelawney will beneficially own an aggregate of 26.18% of the outstanding Common Shares. Trelawney will acquire the above-noted Common Shares for investment purposes and may, depending on market and other conditions, increase its beneficial ownership, control or direction over the Common Shares or other securities of the Company, through market transactions, private agreements, treasury issuances or otherwise.

Proceeds from the sale of Common Shares will be used for general working capital purposes. The issuance of the Common Shares and appointment of the new board and management appointees are subject to acceptance by the Canadian National Stock Exchange.

The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Mag Copper Limited
    Mani Verma
    Chief Executive Officer
    (647) 524-5135
    (416) 361-2519 (FAX)