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Fireweed Metals Provides Update on Previously Announced Offering of $16.8M
VANCOUVER, British Columbia, Aug. 17, 2023 (GLOBE NEWSWIRE) -- FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Z
About this update from Fireweed Metals Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 17, 2023 (GLOBE NEWSWIRE) -- FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to provide an update on the non-brokered private placement (the “Offering”) first announced August 10, 2023. The Offering was made available to existing shareholders with lead orders from the Lundin Family, Larry Childress, and others. It is fully subscribed with all allocations finalized. The Company will now work with counterparties to complete all necessary steps with final closing of the Offering expected to be August 31, 2023. The Offering The Offering consists of 8,750,000 flow-through common shares of the Company at a price of CAD$1.92 per share through a charitable donation arrangement (“Premium Flow-through Shares”). The proceeds from the Offering will be used for exploration and development of the Company’s projects in northern Canada. The gross proceeds from the issuance of all Premium Flow-through Shares will be used on the Company’s projects to incur Canadian Exploration Expenses (“CEE”) which will qualify as “flow-through critical mineral mining expenditures” under the Income Tax Act (Canada). These expenses will be renounced by the Company to the purchasers of Premium Flow-through Shares with an effective date no later than December 31, 2023, in an aggregate amount no less than the proceeds raised under the Offering. The issuance of any Common Shares to insiders will constitute a “related party transaction”, as defined under Multilateral Instrument 61-101 (“MI 61-101”). Such participation will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, will exceed 25% of the Company’s market capitalization. Closing of the Offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing. About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the le...