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Full Metal Minerals Provides Update on Private Placement and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - October 8, 2020) - Full Metal Minerals Ltd. (T...
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"Full Metal Minerals Provides Update on Private Placement and Corporate UpdateVancouver, British Columbia--(Newsfile Corp. - October 8, 2020) - Full Metal Minerals Ltd. (TSXV: FMM) (\"Full Metal\" or the \"Company\") announces that, further to its press release disseminated on April 20, 2018, the Company's previously announced non-brokered private placement of up to 15,625,000 common shares at a price of C$0.08 per share for gross proceeds of up to C$1.25 million (the \"Financing\") is continuing to proceed and is anticipated to close in due course.The Company initially announced the Financing in connection with the now terminated transaction involving the Puhipuhi gold project (see the Company's press release dated November 29, 2019). Consequently, although the Company has received subscriptions under the Financing, closing has been delayed. As previously announced, the Company has since entered into an option agreement pursuant to which it has the option to earn a 60% interest in the Olivine Mountain property (the \"Property\") in the Similkameen Mining Division, British Columbia (see the Company's press releases dated February 26, 2020 and July 31, 2020). Accordingly, the Company now intends to close the Financing in due course in connection with the option to earn an interest in the Property. The previously announced use of proceeds from the Financing will be altered and it is now anticipated that the proceeds will primarily be allocated towards exploration expenses, project evaluation and due diligence related to the Property, along with general and administrative expenses and working capital. Completion of the Financing is subject to acceptance by the TSX Venture Exchange.Corporate UpdateThe Company is also pleased to announce that, further to the Company's press release dated November 19, 2019, the management services agreements (the \"Agreements\") entered into in July 2011 between Full Metal and company controlled by the President and Chief Executive Officer and the Corporate Secretary of the Company have been further amended. Prior to these amendments, the services agreements provided for a change of control payment if within 72 months following a \"change of control\" the contractor's engagement is terminated by the Company without good cause or the contractor resigns. The amendments extend the 72 month period to 84 mo...