Copperhead to change business to subsea exploration

Executive Summary

• Copperhead Resources Inc. proposes a significant change of business to focus on subsea critical mineral exploration and development, contingent upon approval from the Canadian Securities Exchange (CSE) and shareholders.
• Upon approval, the company intends to change its name to Deep Sea Minerals Corp. and trade under the symbol SEAS on the CSE.
• The company has entered into a $50,000 unsecured working capital loan agreement with an arm's-length lender, bearing no interest until April 16, 2027.

Key Details

• Proposed Business Change: The company intends to shift focus from its current mineral resource exploration (including the Twilite gold project option in Newfoundland) to subsea critical mineral exploration and development.
• Name Change: Subject to CSE and shareholder approval, the company will change its name to Deep Sea Minerals Corp.
• Trading Symbol: Common shares will be listed under the symbol SEAS following the change of business.
• Shareholder Approval: Written consents from a majority of shareholders are required for the change of business and name change.
• Listing Statement: A CSE Form 2A Listing Statement has been filed, available under the company's profile on SEDAR+.
• Current Stage of New Business: The subsea business is in the licence acquisition, exploration, and evaluation stage. Activities include desktop geological/geophysical analysis, reviewing historical data, selecting target areas, and engaging with host governments in the Pacific Ocean region.
• Disposal of Existing Assets: Subject to CSE/shareholder approval and raising at least $1 million within 90 days, the company intends to dispose of its interest in the option to acquire the Twilite gold project.
• Working Capital Loan:
  • Amount: $50,000.
  • Type: Unsecured loan from an arm's-length lender.
  • Interest Terms: No interest until April 16, 2027.
  • Post-Maturity Interest: If any portion remains outstanding after the maturity date, simple interest accrues at 5% per annum on a 365/366-day basis, accrued monthly until repaid.

Notable Quotes

• "We are refocusing our business on the subsea critical minerals sector in support of U.S. national security, energy transition and supply chain independence priorities. Increased terrestrial mining limitations, coupled with significant critical minerals demand growth, make this an ideal point to enter this sector," said James Deckelman, chief executive officer of Copperhead.