Canadian Metals Announces Closing of $357,149 Private Placement
MONTRÉAL, July 25, 2022 /CNW/ - Canadian Metals Inc. ("CME" or the "Corporation") (CSE: CME) 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.
SOURCE Canadian Metals Inc.
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