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21C Metals Closes First Tranche of Oversubscribed Private Placement for $2.8 Million
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2019) - 21C Metals Inc. (CSE: BULL) (FSE: DCR1) (OTCQB: DCNNF) ("21C Metals" or the "Company") is pleased
About this update from Quest Critical Metals Inc
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - May 3, 2019) - 21C Metals Inc. (CSE: BULL) (FSE: DCR1) (OTCQB: DCNNF) (\"21C Metals\" or the \"Company\") is pleased to announce that it has closed the oversubscribed first tranche of the non-brokered portion of the private placement (the \"Offering\") previously announced on March 18, 2019. The Company has issued an aggregate of 15,579,122 units (each, a \"Unit\") at a price of $0.18 per Unit for aggregate gross proceeds of $2,804,242. Wayne Tisdale reported: \"We are pleased to have oversubscribed this placement so that we can expand upon our palladium resource located within 70 kilometres of Sudbury, Ont. By pursuing the recommended work program referenced in the 43-101, this resource appears to have excellent potential to add palladium ounces to the current estimate. This palladium asset perfectly complements our current Tisová copper-cobalt project, on which we have also identified numerous high priority drill targets. At 21C Metals, we are actively pursuing the metals required for current production demand (palladium) while also preparing for the ever-increasing demand for cobalt and copper. We call our strategy metals for today and tomorrow.\" Each Unit consists of one common share of the Company (a \"Share\") and one transferable 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 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 intends to use the net proceeds of the Offering to commence exploration work on the Company's East Bull palladium and Tisová cobalt properties and for general working capital. In connection with the Offering, the Company paid finder's fees in the amount of $16,821 (7%) and issued 93,450 finder's fee warrants, each of which is exercisable to acquire a Share at a price of $0.30 for a period of 24 months from the date of issue and subject to the same acceleration clause as ou...