Canadian Metals Announces Closing of $357,149 Private Placement
MONTRÉAL, July 25, 2022
MONTRÉAL, July 25, 2022 /CNW/ – (“CME” or the “Corporation“) ( ) is pleased to announce that it has completed a non-brokered private placement (the “Private Placement“), pursuant to which it has issued 1,950,000 units of the Corporation (each a “Unit“) at a price of $0.10 per Unit and 1,247,300 common shares of the Corporation (each a “Share“), issued on a flow-through basis, at a price of $0.13 per Share, for total cumulative gross proceeds of $357,149. Each Unit being comprised of one (1) Share and one-half of one (1/2) Share purchase warrant, each whole warrant entitling the holder thereof to acquire one (1) additional Share at a price of $0.20 per Share for a period of 24 months from the closing date
Certain insiders of the Corporation subscribed for a total of 100,000 Units under the Private Placement and such transaction is considered to be a “related party transactions” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to or the consideration paid exceeded 25% of the Corporation’s market capitalization.
The Corporation paid finder fee of $9,598.68 in cash and issued 73,836 non-transferable Finder’s warrants entitling the holder thereof to purchase one (1) Share at an exercise price of $0.20 per Share for a period of 24 months from the closing date.
All securities issued in respect of the Private Placement will be subject to a hold period of four (4) months and a day from closing of the Private Placement in accordance with securities laws.
The proceeds of the Private Placement will be used for general working capital.
Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale mineral deposits in specific commodities and safe jurisdictions.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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