Business
Chilean Metals Announces Best Efforts Financing
(via TheNewswire) Toronto, ON - TheNewswire - February 1 8 th, 2020 - Chilean Meta...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Metals Announces Best Efforts Financing(via TheNewswire)\n \n \nToronto, ON - TheNewswire - February 18th, 2020 - Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\") (TSXV:CMX), (SSE:CMX), (MILA:CMX) intends to complete a previously announced best efforts financing of up to $1.5 million. The proposed financing would be by way of issuance of up to 30,000,000 units at $.05 per unit. Each unit will be comprised of one common share of the Corporation (a \"Common Share\") and one common share purchase warrant (a \"Warrant\"), with each whole Warrant exercisable into a common share of the Corporation (a \"Warrant Share\") at an exercise price of $0.05 per Warrant Share for a period of 24 months from date of closing of this offering. Participating brokers will be paid a commission of 8% and provided a broker warrant entitling them to acquire 8% of the amount invested in units for a period of 24 months.\n\n\n \nFunds will be used to advance exploration and drilling on targets in Chile, to repay outstanding bills of approximately $200,000 and to provide working capital. The best efforts financing is open to existing shareholders of record as of February 14th 2020. \n\n\n \n\"Chilean believes now is the time to complete the previously announced financing. Approximately $700,000 has been raised under that financing and advanced to the Company. The additional capital will enable us to move forward with our drill program in Chile and to look at additional opportunities. We believe mining markets are turning and believe now is the time to engage\" commented Chilean CEO Terry Lynch.\n\n\n \nThis financing will be conducted in reliance upon available prospectus exemptions, including the existing shareholder exemption (the \"Existing Shareholder Exemption\") contained in OSC Rule 45-501, BCI 45-534 and various corresponding blanket orders and rules of participating jurisdictions. \n\n\n \nThe Company has set a Feb 14th record date for the purpose of determining existing shareholders entitled to purchase securities pursuant to the Existing Shareholder Exemption. Subscribers purchasing securities under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, as of the record date and continue to be as of the dat...