Business
Chilean Clarifies June 8th Press release
(via TheNewswire) Toronto, ON / TheNewswire / July 05, 2018 Chilean Metals Inc. ("Chi...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Clarifies June 8th Press release(via TheNewswire)\n\n \nToronto, ON / TheNewswire / July 05, 2018 Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\") (TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA: CMX). \n\n\n \nThe TSX Venture Exchange has not approved the closing of the transaction and the financing is subject to the review and approval of the TSX Venture Exchange.\n\n\n \nChilean Metals Inc. has closed as of today subscriptions and funds totaling $1,636,390 dollars. Of which, $1,171,590 was received under the $0.12 hard-dollar Unit financing which provided investors a share and a share purchase warrant. The warrant and $0.18 will entitle investors to acquire a common share at anytime over the next five years. An additional $465,000 of flow through units was sold. The Unit price was $0.16 which includes a share and a share purchase warrant. The warrant and $0.18 will entitle investors to acquire a common share at anytime over the next five years. \n\n\n \nThe Company intends to keep the offering open until the sooner of July 26th or its receipt of its original stated goal of $640,000 via flow through and $1,500,000 via direct unit investment. \n\n\n \nChilean has paid brokerage fees of $15,792 to eligible brokers and will issue 120,800 broker warrants in conjunction with the transaction. Each broker warrant will entitle the holder for the next 18 months to acquire additional units in the offering under the same terms and conditions as the $0.12 unit.\n\n\n \nProceeds will be used to fund exploration on the Companies projects in Nova Scotia and Chile and to pay the previously announced debt settlement of approximately $230,000 and to repay debentures of approximately $460,000.\n\n\n \n\"This financing will clean up our balance sheet and enable us to fast track drilling and drilling decisions particularly on our Nova Scotia projects. We have completed Phase 1 drilling on initial project in Nova Scotia, the Bass River Castlereagh Project. Assays have been sent to Actlabs for analysis with an expectation of results in late July. In addition we have commenced airborne surveys over our recently optioned projects Trident (Bass River South) and Economy East. We expect to follow that up with ground IP later this summer and drilling in Q3.\" commented Chilean CEO Terry Lynch\n\n\n \n\nClick Image To View Full Size\n\n...