Business
C3 Metals Announces Close of First Tranche of Private Placement
Toronto, Ontario--(Newsfile Corp. - April 21, 2023) - C3 Metals Inc. (TSXV: CCCM) (the " Compan...
About this update from C3 Metals Inc.
[{"type":"text","content":"C3 Metals Announces Close of First Tranche of Private PlacementToronto, Ontario--(Newsfile Corp. - April 21, 2023) - C3 Metals Inc. (TSXV: CCCM) (the \"Company\" or \"C3 Metals\") is pleased to announce, that further to its press release of April 4, 2023, the Company has closed the first tranche of its previously announced non-brokered private placement through the issuance of 93,360,000 common shares (each, a \"Common Share\") in the capital of the Company at a price of $0.05 per Common Share for gross proceeds of $4,668,000 (the \"Offering\"). Gross proceeds raised from the Offering will be used for exploration expenditures, working capital, and general corporate purposes. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as insiders of the Company subscribed for an aggregate of 6,000,000 Common Shares pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the ...