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CMC Announces New $300,000 / $0.05 Unit Private Placement and $525,000 / $0.075 FlowThrough Private Placement and Update on Shares for Debt Settlement
Vancouver, BC.: CMC Metals Ltd. - (“the Company”) (TSX-V: CMB) wishes to announce that it has agreed to conduct a private placement to raise $300,000 to issue up to 6,000,000 Units at $0.05 per unit, each unit consisting of one common share and one transferable share purchase warrant. Every two transferrable warrants will be exercisable into one additional common share at $0.075 per share for a oneyear period. The proceeds of this placement will be used for general working capital.
In addition, the Company wishes to announce that it has agreed to conduct a flow-through private placement to raise $525,000 to issue up to 7,000,000 flow-through common shares of its stock at $0.075 per share. There are no warrants attached to this flow-through placement. The proceeds of this private placement will be used to pay for the Company’s exploration program at the Silver Hart Property, Yukon which will include environmental and engineering studies of the access route, geophysical evaluation, drilling, reclamation planning, and other exploration activities.
Finder’s fees may be payable in relation to these two private placements. These placements are subject to TSX Venture Exchange approval.
The Company further wishes to announce that the shares for debt settlement originally announced pursuant to its January 15, 2019 press release, has been revised to increase the debt being settled to approximately $1,100,000, from $900,000, by way of the issuance of approximately 15,714,286 common shares at $0.07 per share from $0.125 per share. The decreased share price is to better reflect the current market conditions of the Company. We confirm this transaction will not result in a change of control and remains subject to regulatory approval