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Carube Copper shares surge as it's set to acquire Latin America Resource Group, gain foothold in Peru

LARG’s biggest asset is the drill-ready Jasperoide Copper-Gold project in Peru’s Andahuaylas-Yauri belt

Copper wire
LARG shareholders will receive one Carube shares for every one LARG share held

Carube Copper Corp (CVE:CUC) (OTCMKTS:CARCF) shares surged Tuesday as it revealed it had signed a non-binding letter of intent to acquire private explorer Latin America Resource Group (LARG). 

LARG’s biggest asset is the drill-ready Jasperoide copper-gold project in Peru’s Andahuaylas-Yauri belt, where it owns eight exploration concessions outright and earns a majority interest in five more for a total of  around 7,000 hectares.

The Andahuaylas-Yauri belt contains multiple other producing mines.

READ: Carube Copper sees potential in Mackenzie's copper showings in British Columbia

“For the past two years Carube has been systematically searching the Americas for a copper and gold opportunity with company maker potential,” Carube CEO Stephen Hughes said. 

“LARG's Jasperoide project displays all the attributes we have been looking for and the signing of this LOI is a major step forward as we look to grow significant value for all our stakeholders through well targeted and successful project exploration and development. The underlying supply-demand fundamentals for copper remain strong and we believe the quality and timing of this acquisition represents an exceptional opportunity for Carube."

Carube will acquire all issued and outstanding shares of LARG.

The deal is all paper. LARG shareholders will receive 3.1 Carube shares for each  share held and hold 30.9% of the Carube capital post completion of a proposed concurrent C$2.5 million capital raise.

When the merger is closed, LARG will have the right to nominate two directors to Carube’s board.

Carube shares gained 14.3% in Toronto to stand at $0.040 each.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Carube Copper

Price: 0.055 CAD

TSX-V:CUC
Market: TSX-V
Market Cap: $9.68 m
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