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Chilean Receives $52,000 Exploration Shared Funding Grant From Nova Scotia Government
(via TheNewswire) Toronto, ON / TheNewswire / July 31 st , 2018 - Chilean Metals I...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Chilean Receives $52,000 Exploration Shared Funding Grant From Nova Scotia Government(via TheNewswire)\n\n \nToronto, ON / TheNewswire / July 31st, 2018 - Chilean Metals Inc. (\"Chilean Metals,\" \"CMX\" or the \"Company\")(TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA:CMX, FRA: IVV1, BER : IVV1). Chilean Metals Inc. is pleased to announce that it has been awarded a grant of $52,000 from the Department of Natural Resources of Nova Scotia as part of their Mineral Resource Development Fund (MRDF) grant program.\n\n \n \nChilean applied for the funding grant to assist with progressing the Castlereagh and Trident prospects as quickly as possible. The grant consists of 50:50 shared funding of exploration activities to a maximum contribution by the MRDF of $52,000. The funding is approved for the following activities:\n\n \n \nCastlereagh Prospect :\n\n\n \n\n\n- Diamond Drilling\n\n\n\n- Sample Shipping and Analysis\n\n\n\n \n \nTrident Prospect :\n\n\n \n\n\n- Sample Shipping and Analysis (of both Historic and New Core)\n\n\n\n- Helimag Survey\n\n\n\n- 3D Modelling of the Magnetic Data\n\n\n\n \n \nWhere the relevant activity has already been completed Chilean will be reimbursed for the shared funding component. The funding will be received in 3 tranches and is subject to the following reporting requirements:\n\n\n \n\n\n1.40% distributed immediately \n\n\n\n2.20% distributed upon submission and approval of an interim report, no later than September 12, 2018 \n\n\n\n3.40% distributed upon submission and approval of a final report, no later than February 13, 2019. \n\n\n\n \n \nTerry Lynch, Chairman and CEO of Chilean Metals commented as follows: \"We are thrilled to receive this financial support from the Nova Scotia government. It's recognition our constructive relationship with the Department of Natural Resources and a big vote of confidence in the excellent work of our technical team, led by our President Mick Sharry. This is good for the province and good for our shareholders.\"\n\n \n \nChilean is also pleased to report that it has issued 750,000 common shares with respect to the previously announced shares for debt deal and 34,416 common shares for the previously announced Economy East option.\n\n \n \nIn addition Chilean Metals intends to complete a financing to issue up to $600,000 in equity units. All securities issued pursuant to...