10:53:20 EST Fri 03 Dec 2021
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CMC Metals Ltd (3)
Symbol CMB
Shares Issued 94,707,500
Close 2021-11-25 C$ 0.115
Recent Sedar Documents

CMC Metals closes $750,000 private placement

2021-11-25 13:53 ET - News Release

Mr. John Bossio reports

CMC CLOSES C$750,000 NON-BROKERED PRIVATE PLACEMENT

CMC Metals Ltd. has closed a non-brokered private placement for gross proceeds of $750,000 from the sale of 7.5 million flow-through (FT) units of the company at a price of 10 cents per FT unit. Red Cloud Securities Inc. acted as a finder on behalf of the company in relation to the offering.

Each FT unit consists of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one transferable share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 15 cents per warrant share on or before Nov. 22, 2023. The FT shares and warrant shares will be subject to a hold period ending on March 23, 2022.

The proceeds from the offering will be used to finance the company's exploration program at its silver properties in the Rancheria silver district, Yukon/British Columbia, and its properties in Newfoundland. Proceeds from the sale of FT shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act and flow-through mining expenditures as defined in Subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT shares.

In connection with the offering, the company paid finders' fees of $45,500 and issued to Red Cloud 455,000 non-transferable warrants, with each finder's warrant exercisable into one common share of the company at a price of 10 cents at any time on or before Nov. 22, 2023.

About CMC Metals Ltd.

CMC Metals is a growth-stage exploration company focused on opportunities high-graded polymetallic deposits in Yukon, British Columbia, and Newfoundland and Labrador. Its silver-lead-zinc prospects in the Rancheria silver district include the Silver Hart deposit and Blue Heaven claims in Yukon, and Rancheria South, Amy and Silverknife claims in British Columbia. Its polymetallic projects with potential for copper-silver-gold and other metals include Logjam (Yukon), Bridal Veil and Terra Nova (both in Newfoundland).

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