Business
21C Metals Announces $2 Million Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -
About this update from Quest Critical Metals Inc
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, March 18, 2019 (GLOBE NEWSWIRE) -- 21C Metals Inc. (“21C” or the “Company”) (CSE: BULL) (FRA: DCR1) (OTCQB: DCNNF) is pleased to announce that it has entered into a letter of engagement with Eight Capital, under which Eight Capital, acting as agent for the Company, has agreed to offer for sale units of the Company (the “Units”) on a “best efforts” private placement basis, subject to all required regulatory approvals, at a price per Unit of $0.18 (the “Issue Price”) for total gross proceeds of up $2,000,016. Each Unit shall consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one Share at a price of $0.30 for a period of 24 months following the Closing Date. If, following the closing of the Offering, the volume weighted average price of the Common Shares on the Canadian Securities Exchange is equal to or greater than $0.40 for any 10 consecutive trading days, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice. The Company has granted Eight Capital an over-allotment option to purchase up to an additional 11,111,200 Units at the Offering Price, exercisable in whole or in part, at any time on or prior to 48 hours prior to the closing of the Offering. If this option is exercised in full, an additional $2,000,016 will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be up to approximately $4,000,032. The Company intends to use the proceeds from the offering to commence exploration work on the company's East Bull palladium and Tisova cobalt properties and for general working capital. The closing date of the Offering is scheduled to be on or about April 12, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities. As consideration for its services, Eight Capital will receive a cash commission equal to 7% of the gross proceeds of the Offering. The Company wi...