VANCOUVER, April 17, 2023 - Majuba Hill Copper Corp. (CSE:JUBA) (OTC:JUBAF) (FWB:4NP) ("Majuba Hill Copper" or the "Company") wishes to provide an update to its shareholders in regard to its ongoing Majuba Hill Porphyry Copper Project ("Majuba Hill") in Pershing County Nevada, and the status of an Agreed Statement of Facts between the Company and the Executive Director of the British Columbia Securities Commission (the "Commission"), the Company's principal securities regulator in Canada.
The Company announces that on April 14, 2023, the Commission issued a finding pursuant to which it accepted an Agreed Statement of Facts dated May 27, 2022, wherein the Company admitted liability for narrowed allegations from a Notice of Hearing dated September 17, 2021 (2021 BCSECCOM 291). The Executive Director agreed that he would not seek any sanctions against the Company in exchange for the Agreed Statement of Facts entered into with new management of the Company.
Under its former Director, President and CEO, Bryn Gardener-Evans, who resigned effective January 5, 2019, the Commission held that Mr. Gardener-Evans was senior management and director at the time and to held personally liable under section 50(1)(d) and section 168.1(1)(b) of the BCSC Securities Act. At all relevant times, Mr. Gardener-Evans was Majuba Hill's (formally New Point Exploration Corp. or "New Point") decision-maker who made all of its relevant decisions, including the content of the information to be disclosed in the news releases. He was also listed as the executive officer knowledgeable about the Company's July 6, 2018, and August 9, 2018, material change reports.
Terms of Agreed Statement of Facts
The Executive Director of the BCSC and the Company entered the Agreed Statement of Facts on May 27, 2022, in which the Company admitted liability for the following narrowed allegations as follows:
New Point made a statement in its July 6, 2018 news release, containing an omission of a material fact, that it ought reasonably to have known was a misrepresentation contrary to section 50(1)(d) of the Act; and
New Point filed a material change report containing the same omission and, in doing so, it made a statement in a record filed under the Act that in a material respect omitted facts necessary to make that statement not misleading, contrary to section 168.1(1)(b) of the Act; and
New Point made a statement in its August 9, 2018 news release, containing an omission of a material fact, that it ought reasonably to have known was a misrepresentation contrary to section 50(1)(d) of the Act; and
New Point filed a material change report containing the same omission and, in doing so, it made a statement in a record filed under the Act that in a material respect omitted facts necessary to make that statement not misleading, contrary to section 168.1(1)(b) of the Act.
David Greenway, CEO commented, "I am pleased that matters appear to be proceeding in accordance with our agreement with counsel for the Executive Director. I want to assure shareholders and the many stakeholders that the former president, CEO, and director Mr. Bryn Gardener-Evans has not been involved with the Company for over four years, and his long past actions do not reflect on the current board of directors and management of the Company. The management of the Company remains committed to increasing shareholder value with further development on our flagship Majuba Hill Copper project and look forward to 2023 exploration season."
About Majuba Hill Copper Corp.
Majuba Hill Copper Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.
The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.
On Behalf of the Board of Majuba Hill Copper Corp.
David C. Greenway
President & CEO
For further information, please contact:
VP of Corporate Communications
P: 1 (855) 475-0745
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Majuba Hill Copper Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Majuba Hill Copper Corp. management on the date the statements are made. Except as required by law, Majuba Hill Copper Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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