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C3 Metals Closes Second Tranche of Private Placement for Gross Proceeds of $3 Million and for Aggregate Gross Proceeds Raised Under the Private Placement of $7.4 Million
Toronto, Ontario--(Newsfile Corp. - February 18, 2021) - C3 Metals Inc. (TSXV: CCCM) (" C3 "...
About this update from C3 Metals Inc.
[{"type":"text","content":"C3 Metals Closes Second Tranche of Private Placement for Gross Proceeds of $3 Million and for Aggregate Gross Proceeds Raised Under the Private Placement of $7.4 MillionToronto, Ontario--(Newsfile Corp. - February 18, 2021) - C3 Metals Inc. (TSXV: CCCM) (\"C3\" or the \"Company\") is pleased to announce that it has closed the second tranche (the \"Second Tranche\" together with the first tranche which closed on February 12, 2021, the \"Offering\") of its previously announced brokered private placement through the issuance of 21,984,287 common shares (the \"Shares\") of the Company at a price of $0.14 per Share for aggregate gross proceeds of $3,077,800. Upon closing of the Offering, an aggregate of 52,960,779 Shares were issued for gross proceeds of $7,414,509, including the exercise of the Agents' (as hereinafter defined) over allotment option.The Offering was conducted pursuant to the terms and conditions of an agency agreement entered into between the Company and a syndicate of agents led by Eight Capital, as lead agent and sole bookrunner, and including Canaccord Genuity Corp. and Haywood Securities Inc. (collectively with Eight Capital, the \"Agents\"). The net proceeds of the Offering will be used to fund exploration at the Company's Jasperoide project, to actively undertake Phase 1 and 2 drilling campaigns, as well as for working capital and general corporate purposes. All securities issued in connection with the Offering are subject to a statutory hold period of four (4) months and one (1) day from the respective closing date of each tranche of the Offering. The Offering is subject to the final acceptance of the TSX Venture Exchange.As consideration for the services provided by the Agents in connection with the Offering, the Company: (i) paid a cash commission and a corporate finance fee in the aggregate amount of $518,466; and (ii) issued a total of 3,706,900 non-transferrable broker warrants (the \"Broker Warrants\"). Each Broker Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.14 per Share until February 18, 2022.Tectonic Advisory Partners (\"Tectonic\"), acted as advisor to the Company in connection with the Offering. Tectonic is a New York-based resource focused boutique banking group. Tectonic securities transactions are executed through Ecoban Securities Corporation. The Offerin...