03:54 PM EDT, 08/06/2025 (MT Newswires) -- Getty Copper ( GTCDF ) shares were trading flat late Wednesday afternoon as the company provided details of a planned reverse takeover.

The company in a statement said it had entered into a binding letter of intent on August 5, 2025, in relation to the planned takeover of an entity referred to as 1390120 B.C. Ltd, or 'Numberco'. Completion of that acquisition, Getty added, will lead to a reverse takeover of it by the entity.

According to Wednesday's statement, the acquisition will result in the combination of two "highly prospective copper projects" in the Highland Valley District. The Getty project is located adjacent to Teck's (TECK-A.TO, TECK-B.,TO) Highland Valley Copper Mine, one of the world's largest copper mining and milling operations, while the Numberco Property is 11km to the south of the Getty project.

In connection with the acquisition, Getty intends to complete a brokered financing to raise minimum gross proceeds of $12 million by way of issuance of subscription receipts of Getty, at a price of $0.12 each (on a pre-consolidation basis). Each Subscription Receipt will automatically convert, without any further action by the holder thereof and for no additional consideration, into one Getty Share (on a pre-Consolidation basis) upon closing of the acquisition.

It is expected that the net proceeds from the concurrent financing will be used to settle all of Getty's current indebtedness, explore and develop the Getty project and for general corporate purposes.

Getty CEO Tom MacNeill said, "In the current positive environment for copper, we have entered into a transaction that positions Getty to be debt-free, financially sound, and equipped with the technical capability to unlock the long-recognized value of our copper deposits in British Columbia's Highland Valley District."