01:37:48 EDT Thu 01 Jun 2023
Enter Symbol
or Name

Login ID:
Cavu Energy Metals Corp
Symbol CAVU
Shares Issued 30,098,834
Close 2022-07-18 C$ 0.21
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Cavu Energy closes $491,000 final tranche of financing

2022-07-19 13:08 ET - News Release

Dr. Jaap Verbaas reports


Cavu Energy Metals Corp. has closed the second and final tranche of a non-brokered private placement previously announced on June 22, 2022. The Company issued 1,636,666 flow-through units ("FT Units") at a price of $0.30 per FT Unit for proceeds of $491,000.00 under the second tranche. Together with the first tranche of the Private Placement, the Company issued 3,333,332 FT Units for total proceeds of $999,999.80. The first tranche closed on June 27, 2022.

Each FT Unit consists of one Common Share, issued on a flow-through basis pursuant the Income Tax Act (Canada), and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable at $0.50 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). No finder's fees were paid as part of the second tranche closing.

An insider of the Company subscribed for 33,333 FT Units under the second tranche. As such, this participation constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). 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 FT Units acquired by the insiders nor the consideration for the FT Units paid by such insiders, exceed 25% of the Company's market capitalization.

About CAVU Energy Metals Corp.

CAVU Energy Metals Corp. 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 BC. For more information visit www.cavumining.com

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