MONTRÉAL, May 23, 2019 (GLOBE NEWSWIRE) -- Canadian Metals Inc. (“CME” or the “Company”) (CSE: CME) is pleased to announce that it has received the first payment of $500,000 from Les Minéraux Industriels du Québec Inc (« MIQ ») in relation to the closing of the May 2, 2019 agreement. This payment represents the first installment of a total of staged cash payments of $ 2,250,000 to be made by MIQ in accordance with the agreement (see press release of May 2, 2019). The second installment of $150,000 will be payable on or before December 31, 2019.
Stéphane Leblanc, Chief Executive Officer, commented, "We believe this agreement bolds well with CME’s strategic plan and allows us to focus on the development of our industrial project to transform quartz and leave the quarry operation to an experienced entity. The long-term supply agreement at a locked-in price and the other silica properties owned by CME should provide security to the raw material requirement and meanwhile, the cash generated from this agreement helps support CME’s activities. We are also on track to complete our feasibility study in Q2 2019.’’
About Canadian Metals Inc.
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:
About Les Minéraux Industriels du Québec Inc.
Les Minéraux Industriels du Quebec (MIQ) is a joint-venture between Groupe Bauval Inc. and Rockebec Inc. MIQ's mission is to operate, produce and sell chemical-grade minerals to industrial customers. The company develops geochemical management methods to optimize the mining plans and to sustain the long-term exploitation of their deposits.
For more information please contact:
Sophie Huygens
Operations director MIQ
Email: shuygens@miq-ca.com
(514) 603 1826
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.
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