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C3 Metals Announces $4 Million Brokered Private Placement
TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- C3 Metals Corp. (“C3” or the “Company”) (TSXV: CCCM) is pleased to announce that it has entered into a letter engagem
About this update from C3 Metals Inc.
[{"type":"text","content":" TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- C3 Metals Corp. (“C3” or the “Company”) (TSXV: CCCM) is pleased to announce that it has entered into a letter engagement with Eight Capital, under which Eight Capital, acting as lead agent for the Company, on behalf of a syndicate of agents (collectively with Eight Capital, the “Agents”) has agreed to offer for sale up to 28,572,000 common shares of the Company (the “Shares”) on a “best efforts” private placement basis at an issue price of $0.14 per Share (the “Issue Price”), for aggregate gross proceeds of up to $4,000,080, subject to all regulatory approvals (the “Offering”). The Company has granted the Agents an over-allotment option to distribute up to an additional 4,285,800 Shares at the Issue Price, exercisable in whole or in part at any time within 48 hours prior to the closing of the Offering. If this option is exercised in full, an additional approximately $600,000 will be raised and the aggregate proceeds of the Offering will be approximately $4,600,000. The Company intends to use the net proceeds of the Offering to fund exploration at the Company’s Jasperoide project as well as for working capital and general corporate purposes. The closing date of the Offering is scheduled to be on or about February 5, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. As consideration for its services, the Agents will receive a cash commission of 7% of the gross proceeds of the Offering, and compensation warrants in an amount equal to 7% of the number of Shares sold pursuant to the Offering. Each compensation warrant will be exercisable to purchase one Share at the Issue Price for a period of 12 months. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as...