CMC Non-Brokered Private Placement of up to C$1.86 million Vancouver, BC.: CMC Metals Ltd. ("CMC"or the "Company") (TSX-V: CMB) is pleased to announce a proposed non-brokered private placement to sell up to 7,500,000 flow-through units of the Company (each, a "FT Unit") at a price of C$0.20 per FT Unit and up to 2,000,000 non-flow-through units of the Company (each, a "Unit") at a price of C$0.18 per Unit for aggregate gross proceeds of up to C$1,860,000 (collectively, the "Offering"). Red Cloud Securities Inc. and German Mining Network will be acting as finders on behalf of the Company in relation to the Offering.
Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share"within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one-half of one transferrable non-flow-through share purchase warrant (each full warrant, a "Warrant"). Each Unit will consist of one common share of the Company (each, a "Unit Share") and one-half of one Warrant. Each whole Warrant will entitle the holder thereof to acquire one non-flow-through common share of the Company (each, a "Warrant Share") at a price of C$0.30 per Warrant Share for a period of 24 months from the closing date of the Offering.
Proceeds from the sale of FT Shares to eligible investors in Canada will be used to incur "Canadian exploration expenses" and "flow through mining expenditures" as these terms are defined in the Income Tax Act (Canada). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.
The net proceeds from the sale of Units will be used to fund the Company's exploration program at its silver properties in the Rancheria Silver District, Yukon, which will include a proposed drilling program at the Silver Hart Project, a range of other exploration activities, as well as general corporate purposes.
Great news, something to work with, on with the drilling
Take Care, Year of the Profit, Oilseeker