2,250.000 shares were bought at 0,40 , these connected warrants will not be executed so fully diluted drops.
CMC METALS ANNOUNCES CLOSE OF SECOND TRANCHE OF PRIVATE PLACEMENT / CHANGES TO BOARD OF DIRECTORS
Jan. 31, 2011 (TheNewswire.ca)
Vancouver, B.C.: CMC Metals (OOTC:CMCXF) (TSXV:CMB) Ltd. (the "Company") is pleased to announce that it has completed it's previously announced private placement (see press releases dated December 17, 2010 and December 9, 2010) of up to 1,750,000 flow through units (the "FT Units") at a price of
.40 per FT Unit for aggregate gross proceeds of up to $700,000 (the "Offering"). Each FT Unit consists of one common share in the capital of the Company which will be designated as a flow-through share pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one common share in the capital of the Company (a "Share") at a price of
.45 per Share for a period of one year from the closing of the Offering, and thereafter at a price of
.50 per Share for a period ending 24 months from the closing of the Offering.
The Company closed the second tranche of the Offering consisting of 500,000 FT Units for gross proceeds of $200,000 on December 24, 2010. Each Warrant issued entitles the holder to purchase one Share at a price of
.45 per Share until December 24, 2011, and thereafter at a price of
.50 per Share until December 24, 2012. The Company will renounce an amount equal to the gross proceeds derived from the sale of the FT Units to the purchasers thereof in accordance with the provisions of the Income Tax Act (Canada).