Business
BeMetals Receives TSXV Conditional Approval for Qualifying Transaction and Closes Private Placement
BeMetals Receives TSXV Conditional Approval for Qualifying Transaction and Closes Private ...
About this update from Bemetals Corp.
[{"type":"text","content":"\n\n\n\nBeMetals Receives TSXV Conditional Approval for Qualifying Transaction and Closes Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, July 19, 2018\n\n\n\nTSXV – BMET.H\n\n\n\nVANCOUVER, July 19, 2018 /CNW/ - BeMetals Corp. (\"BeMetals\" or the \"Company\") is pleased to announce it has received conditional approval, in-line with normal procedure, of its qualifying transaction (the \"Qualifying Transaction\") under the policies of the TSX Venture Exchange (the \"Exchange\") and has closed its previously announced private placement which was increased to $2,240,000 (the \"Financing\"). \n\nThe Financing\n\nThe Company has closed its, upsized, concurrent non-brokered private placement of 11,200,000 common shares of the Company at a price of $0.20 per share for gross proceeds of $2,240,000, an increase from the previously announced $2,000,000 proposed offering. The net proceeds will be used to advance the exploration of the Pangeni copper project (\"Pangeni Copper Project\") located on the western extension of the Zambian Copperbelt (see February 27, 2018 news release for details) and for working capital purposes, including to conduct due diligence reviews on additional base metals projects. All of the common shares issued under the Financing are subject to a hold period expiring November 20, 2018. In connection with the Financing, finder's fees of $81,000 were paid in cash. \n\nThe Qualifying Transaction\n\nIn February 2018, further to a November 2017 letter agreement, the Company confirmed the agreement (the \"Agreement\") with Copper Cross Zambia Limited and its parent company Manica Zambia Limited (together the \"Vendor\") to acquire up to a 72% interest in the Pangeni Copper Project. The initial 67.5% interest can be acquired by the Company paying US$300,000 cash, issuing a total of 500,000 common shares, incurring US$2.5 million in exploration work, all prior to the second anniversary, and then completing a preliminary economic assessment and making a further cash payments of U...