CMX Regrets TSXV Decision to Halt Trading
(TheNewswire)
Toronto, ON. / TheNewswire / August 27, 2018. Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”)(TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA:CMX, FRA: IVV1, BER : IVV1). On August 27th Investment Industry Regulatory Organization of Canada (“IIROC”) halted the trading in the shares of Chilean Metals on the TSXV at the request of the TSXV due to “Pending Review of Compliance with Exchange Requirements”.
As disclosed in the Company’s previous news releases, the Company has been trying to seek Exchange approval for its previous private placement. The Company’s clarifying news release of July 9, 2018 was issued at the behest of the Exchange (and received approval of the Exchange as to its contents) and the Company has been trying to obtain Exchange approval since then. While the Company acknowledges it did not file a Form 4B prior to closing as required by Exchange policies, its failure to file was the result of an inadvertent error. When notified the Company quickly complied and filed the appropriate paperwork and all additional Exchange requests for documentation and information, which were more detailed and lengthy than required in usual financing situations.
The Exchange punishment for failing to file the private placement properly is to remove voting rights of our investors. This is not a consequence the Company believe is merited in this circumstance, and as noted in our press release of August 24, 2018, we appealed the Exchange’s decision to the BC Securities Commission. Further, the Exchange has prevented us from closing further private placements, which has constrained our ability to raise equity financing and carry on our business. Somewhat ironically, the Exchange approved various other transactions in late July (a shares for debt and property transaction) so it seems somewhat incongruous that these were approved after the Exchange apparently had so many concerns with our private placement error.
“We regret the Exchange decision to halt trading. We have an honest fundamental difference of opinion that we have tried over the last month to work out. Now given no common ground was available we took the decision to the BC Securities Commission. We believe this trading halt is unnecessary but respect that the Exchange can determine such sanctions if it feels merited.” commented Terry Lynch, Chilean CEO. “The Board felt that it was in the best interests of the Company to take all steps available to it, to ensure all of its shareholders have the right to vote. We apologize to our shareholders that they are impacted by the trading halt which is an unfortunate outcome at present.”
About Chilean Metals,
Chilean Metals Inc. is a Canadian
Junior Exploration Company focusing on high potential Copper Gold
prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First Region.
Chilean Metals Inc is the 100% owner of five Copper Gold Cobalt exploration properties in Nova Scotia on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn, Economy and Bass River North respectively. It has also optioned two additional projects Trident at Bass River and Economy East. Chilean Metals is exploring, analyzing and drilling these properties in the summer of 2018.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: terry@chileanmetals.com
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Mick Sharry, M.Sc. Consultant
Forward-looking Statements: This news release may contain certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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