Canadian Metals Closes Final Tranche of $2.5M Non-Brokered Private Placement

CSE: CME

MONTRÉAL, Jan. 12, 2023 /CNW/ - Canadian Metals Inc. ("CME" or the "Corporation") (CSE: CME) is pleased to announce that it has completed the second and final tranche (the "Second Tranche") of its previously announced non-brokered private placement of up to $2,500,000.00 (the "Private Placement"). The Second Tranche consisted in the issuance of 5,528,556 NFT Units (as defined below).

Private Placement

The Private Placement comprises (i) flow-through units in the capital of the Corporation at a price of $0.0316 (each, a "FT Unit"), and (ii) units of the Corporation also at a price of $0.0316 (each, a "NFT Unit"). Under the Private Placement, the Corporation issued 51,305,665 FT Units and 27,808,252 NFT Units for aggregate gross proceeds of $2,500,000.00.

Each FT Unit is comprised of one common share in the capital of the Corporation issued on a flow-through basis and one common share purchase warrant (each, a "Warrant"). Each NFT Unit is comprised of one non-flow-through common share and one Warrant. Each Warrant entitles the holder thereof to purchase one common non-flow through common share of the Corporation at a price of $0.048 for a period of 24 months from its issuance.

In connection with the Second Tranche, the Corporation paid cash finder's fees of $7,896.00 to eligible finders. No insiders of the Corporation participated in the Second Tranche.

All securities issued in connection with the Private Placement are subject to a statutory hold period of 4 months and a day from the closing of each tranche of the Private Placement in accordance with applicable securities laws. The Corporation will use the proceeds of the Private Placement for general exploration and working capital, and the proceeds raised from the sale of the FT Units will be used for eligible flow-through expenditures. The Private Placement is subject to the final approval of the Canadian Securities Exchange (the "CSE").

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

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.

The statements in this news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in such "forward-looking" statements.

SOURCE Canadian Metals Inc.

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