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First Energy Metals Announces C$500,000 Private Placement
VANCOUVER, BC, June 9, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce a non-brokered private placement
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, June 9, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) (\"First Energy\" or the \"Company) is pleased to announce a non-brokered private placement financing of $500,000, half of which will be comprised of 2,083,333 flow-through shares at a price of $0.12 per share. The other half will be comprised of 2,083,333 units at a price of $0.12 per unit, with each unit consisting of one common share and one-half of one fully transferable share purchase warrant entitling the holder to purchase one additional common share at a price of $0.20 for a period of 1 year. The proceeds will be used for exploration and development of Company's mineral properties, in particular the recently optioned Scramble Mine and general working capital. One or more existing insiders may be participating in the financing as approved by independent directors. The Company is relying on an exemption from the related party requirements of MI 61-101. In connection to the above noted non-brokered private placement, finder's fees may be paid to eligible finders in accordance with the policies of the CSE consisting of a cash commission equal to up to 10% of the gross proceeds raised under the Offering. Closing of the proposed private placement is subject to obtaining all required approvals, including from the CSE and any other regulatory approval. The securities will be subject to a four-month hold period plus one day under applicable securities laws. About First Energy Metals Limited. First Energy Metals Limited is a junior resource company engaged in the exploration and development of precious and energy metals such as lithium, cobalt, and gold within its property portfolio in North America. The Company's goal is to acquire prospective technology and precious metals properties and develop them. The Company currently holds an option to acquire 100% interest in Phyllis Cobalt property in Ontario. The Company has recently optioned the Scramble Mine Gold Property in Ontario, and two gold exploration properties (Kokanee Creek and Independence Gold properties) located in the Province of British Columbia, Canada. First Energy Metals Limited (formerly \"Agave Silver \") was incorporated on October 12, 1966 in the Province of British Columbia. The Company's common shares trade on the Canadian Securities Exchange (CSE) under the symbo...