MONTRÉAL, March 01, 2019 (GLOBE NEWSWIRE) -- Canadian Metals Inc. (the “Corporation”) (CSE : CME) is pleased to announce that it has closed a private placement of 2,500,000 units (each a “Unit”) of the Corporation at a price of $0.10 per Unit for gross proceeds of $250,000 (the “Offering”).
Each Unit consists of one common share (each a "Share") and one-half of one Share purchase warrant (the "Warrant"). Each Warrant issued under this tranche will be exercisable by the holder to acquire one additional Share at a price of $0.15 until September 1st, 2020.
The Corporation intends to use the net proceeds from the Offering to advance the general development of its Baie-Comeau silicon project and for general working capital and corporate purposes.
The securities issued under the Offering are subject to a four months hold period expiring on July 2nd, 2019.
The Offering was completed on a private placement basis pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by CSE.
The Corporation also announces, further to its November 28, 2018 press releases, the execution of an amended and restated acquisition agreement (the “Revised Agreement”) with FeTiV Minerals Inc. (“FeTiV”), replacing the initial subscription agreement. The Revised Agreement provides for the acquisition of a direct 20% interest in the Mouchalagane, Silicate Brutus, Seignelay, Lac Robot and Baie-Trinité properties, subject to a 2% NSR. The consideration paid by the Corporation remained unchanged.
About Canadian Metals
Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale industrial mineral portfolios in specific commodities and jurisdictions that will fuel the new energy economy. The company is uniquely positioned to pursue this strategy in silicon, precious and base metal assets.
For more information, please contact:
Stéphane Leblanc
Chief executive officer
Email: sleblanc@canadianmetalsinc.com
Sean Tufford Vice President
Corporate Development
Email: sean@canadianmetalsinc.com
Phone: (902) 818 -8807
Website: www.canadianmetalsinc.com
Cautionary Statements Regarding Forward-Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions, or results, including in connection with the prefeasibility study, its financing, job creation, the investments to complete the project and the potential performance, production, and environmental footprint of the ferrosilicon plant, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate”, or “future”, or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions, and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties, and assumptions, including those mentioned in the Corporation’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Corporation and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.