Business
BeMetals Raises $1.1 Million Through the Sale of Marketable Securities and Announces Flow-Through Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Bemetals Corp.
[{"type":"text","content":"BeMetals Raises $1.1 Million Through the Sale of Marketable Securities and Announces Flow-Through FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, BC / ACCESS Newswire / October 9, 2025 / BeMetals Corp. (TSXV:BMET)(OTCQB:BMTLF)(Frankfurt:1OI.F) (\"BeMetals\" or the \"Company\") is pleased to announce it has raised proceeds of approximately C$1,133,000 through the sales of marketable securities held by the Company. The sales were conducted through the facilities of the TSX Venture Exchange. The proceeds from the sales strengthens BeMetals' cash position and brings its current cash balance to a total of approximately C$1,520,000.BeMetals also announces it intends to complete a non-brokered private placement (the \"Private Placement\") of up to 10,700,000 common shares of the Company that qualify as \"flow-through shares\", as defined in the Income Tax Act (Canada) (the \"Tax Act\"), (each, a \"FT Share\") at a price of $0.07 per FT Share for aggregate gross proceeds of up to C$749,000.The Company intends to use the gross proceeds of the Private Placement to incur Qualifying Expenditures (as defined below) on the Company's Savant Gold Project (the \"Savant Project\"), located in Ontario, Canada.BeMetals' initial exploration work program at the Savant Project is commencing in early October and is to include ground sampling and mapping activities. This work will focus on collecting geological data to assist in refining and prioritizing prospective areas of interest, with the objective of generating targets for future drilling.The gross proceeds from the FT Shares will be used to incur eligible \"Canadian exploration expenses\" related to the Company's mineral project in Ontario that qualify as \"flow-through mining expenditures\" as both terms are defined in the Tax Act (the \"Qualifying Expenditures\"). Such Qualifying Expenditures will be incurred on or before December 31, 2026, and renounced to the benefit of subscribers with an effective date no later than December 31, 2025.The closing of the Private Placement is subject to certain closing conditions, including the approval of the TSX Venture Exchange (\"TSXV\"). The securities to be issued pursuant to the Private Placement will be subject to a four-month hold period under applicable Canadian securities laws. T...