Business
Chilean Metals Provides PDAC Update
(via TheNewswire) Toronto, ON / TheNewswire / February 28, 2019 -- Chilean Metals ...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Metals Provides PDAC Update(via TheNewswire)\n\n \nToronto, ON / TheNewswire / February 28, 2019 -- Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\")(TSX.V:CMX, SSE:CMX, MILA:CMX, FRA: IVV1, BER : IVV1). Chilean Metals Inc is pleased to provide an update on its plans in advance of the PDAC. \n\n \n \nChilean Metals intends to solicit directly and through outside financial agents a financing of up to $1.5 million dollars. This financing will be done by way of private placement and will be structured as a unit offering. Each unit will comprise of a common share and a full share purchase warrant. Where each warrant and $.10 entitles holder to acquire an additional common share up to 24 months after the closing date for the transaction. The Company has been in discussion with existing shareholders and expect many to participate in the offering. Closing of the offering will be subject to the Company's filing requirements with the TSX Venture Exchange. If insiders participate in the offering, it will constitute a related party transaction under MI 61-101; however will be exempt from valuation requirements and minority shareholder approval by virtue of the Company's shares trading on the TSX Venture Exchange and the size of the offering and any shareholder participation. Shareholders wishing further information can contact Chilean CEO Terry Lynch at [email protected].\n\n \n \n\"The capital is required to enable Chilean to do follow up drilling on our Trident Cobalt/Iron project in Nova Scotia. The figure below identifies a recent IP survey which we believe is a very positive development in our Exploration program at Trident.\" Commented Chilean CEO Terry Lynch.\n\n\n \n\nClick Image To View Full Size\n\n \n \nFigure 2 presents a plan view of the IP model at approximately 50m depth. The location of the shallow, historic drilling is indicated. This area comprises only a very small proportion of the overall large anomaly area.\n\n \n \n\nClick Image To View Full Size\n\n \n \nAs previously announced, core from two historic holes drilled in 1987 at the Trident prospect was located at the Department of Natural Resources core library at Stellarton. The holes were drilled to test a subcropping magnetite occurrence and were very shallow, being 39.9m and 36.6m deep respectively and angled at 45o. \n\n \n \nResu...