19:50:36 EDT Fri 09 Jun 2023
Enter Symbol
or Name

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Cavu Energy Metals Corp
Symbol CAVU
Shares Issued 30,098,834
Close 2022-06-28 C$ 0.20
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Cavu Energy closes $508,999 first tranche of financing

2022-06-28 15:18 ET - News Release

Dr. Jaap Verbaas reports


Cavu Energy Metals Corp. has closed the first tranche of a non-brokered private placement previously announced on June 22, 2022, and has issued 1,696,666 flow-through units at a price of 30 cents per flow-through unit for gross proceeds of $508,999.

Each flow-through unit consists of one common share, issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant. Each warrant will be exercisable at 50 cents per share for a period of two years from the date of issuance. All securities issued under the private placement will be subject to a four-month-and-one-day statutory hold period.

The gross proceeds from the private placement will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined in the Income Tax Act (Canada). Finders' fees of $27,265.02 were paid and 87,965 finder warrants were issued to eligible finders in connection with the closing of the first tranche of the private placement. Each finder warrant has an exercise price of 50 cents per share for a period of two years from the date of issuance.

Insiders of the company subscribed for 39,999 flow-through units. As such, this participation constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the flow-through units acquired by the insiders nor the consideration for the flow-through units paid by such insiders exceeds 25 per cent of the company's market capitalization.

About Cavu Energy Metals Corp.

Cavu Energy Metals is a mining company engaged in the acquisition, exploration and development of mineral projects containing metals used in green technologies and the renewable energy sector. The company is currently focused on the exploration of its Hopper copper-gold project in Yukon and recently acquired Star copper-gold porphyry project in British Columbia.

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