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Power Metals Closes Brokered Flow-Through Private Placement
Power Metals Closes Brokered Flow-Through Private Placement Canada NewsWire VANC...
About this update from Power Metals Corp.
[{"type":"text","content":"\n\n\n\nPower Metals Closes Brokered Flow-Through Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 27, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, June 27, 2018 /CNW/ - Power Metals Corp. (the \"Company\") (TSXV: PWM) (FRANKFURT: OAA1) (OTC: PWRMF) is pleased to announce that, further to its news release of May 30, 2018, it has completed a brokered private placement of 3,448,300 units (each, a \"Unit\") at a price of $0.58 per Unit for gross proceeds of approximately $2,000,000 (the \"Offering\").  Eight Capital (the \"Agent\") acted as agent for the Offering.   Each Unit is comprised of one flow-through common share of the Company (a \"Share\") and one-half of one flow-through common share purchase warrant (each whole warrant, a \"Warrant\").  Each Warrant will entitle the holder thereof to acquire one non-flow-through common share of the Company at a price of $0.85 until June 27, 2020. \n\n\n \n \n\n \nThe Offering was led by Eight Capital, pursuant to the terms of an agency agreement entered into by the Company and the Agent on June 27, 2018 (the \"Agency Agreement\"). Pursuant to the Agency Agreement, the Agent received a cash commission equal to 6% of the aggregate gross proceeds of the Offering and was granted compensation warrants in an amount equal to 6% of the number of Units issued pursuant to the Offering. Each compensation warrant is exercisable to purchase one unit comprised of one common share and one-half of one common share purchase warrant, at an exercise price of $0.58 until June 27, 2020.  \n\nThe Company intends to use the gross proceeds of the Offering for exploration and drilling at its Case Lake Project, such exploration work to constitute qualified Canadian exploration expenses (as defined in the Income Tax Act (Canada)) with the expenses to be renounced for the 2018 taxation year. \n\nAll of the securities issued under the private placement are subj...