Business
Full Metal Minerals Announces New CEO and Director, Provides Updates on Private Placement and Announces Shares for Debt Transaction
Vancouver, British Columbia--(Newsfile Corp. - December 24, 2020) -  Full Metal Minerals...
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"Full Metal Minerals Announces New CEO and Director, Provides Updates on Private Placement and Announces Shares for Debt TransactionVancouver, British Columbia--(Newsfile Corp. - December 24, 2020) -  Full Metal Minerals Ltd. (TSXV: FMM) (\"Full Metal\" or the \"Company\") announces that, further to its press releases disseminated on April 20, 2018 and October 8, 2020, it has increased its previously announced non-brokered private placement to provide for a maximum offering of up to 23,125,000 common shares at a price of C$0.08 per share for gross proceeds of up to $1,850,000 (the \"Financing\"), which is an increase from the previously announced maximum offering of up to 15,625,000 common shares for gross proceeds of up to C$1.25 million. The increase is subject to TSX Venture Exchange approval.The proceeds of the Financing will primarily be allocated towards exploration expenses, project evaluation and due diligence related to the Property (as defined below), along with general and administrative expenses and working capital. Except for the increase to the maximum offering amount, the Company has received conditional acceptance of the Financing from the TSX Venture Exchange (\"TSXV\").Change of ManagementThe Company also announces that Michael Williams has resigned as the President and Chief Executive Officer of the Company and Sheryl Dhillon has resigned as Corporate Secretary. The resignation of each of Mr. Williams and Ms. Dhillon will trigger the Change of Control Payments (as defined below) to Mr. Williams and Ms. Dhillon, respectively. Peter Voulgaris has accepted the position as President, Chief Executive Officer and Director. Mr. Williams and the Company's former Chief Financial Officer, Cale Moodie, will continue to serve on the Company's board of directors.\"On behalf of the Company's Board of Directors, I am extremely pleased to welcome Mr. Peter Voulgaris as the new CEO and Director of Full Metal\", said Michael Williams, Chairman. \"Peter is a well-respected geologist and engineer, having been associated with a number of successful mining projects during his 28 year mining career. Full Metal Minerals anticipates that it will be well served by Mr. Voulgaris' experience and mining acumen, as he has held a number senior operational and management roles at companies including Mount Isa Mines, Placer Dome, Newmont,...