Business
Power Metals Closes Equity Financing and Welcomes Sinomine as Partner
Power Metals Closes Equity Financing and Welcomes Sinomine as Partner Canada Ne...
About this update from Power Metals Corp.
[{"type":"text","content":"\n \n \n \n Power Metals Closes Equity Financing and Welcomes Sinomine as Partner\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Jan. 21, 2022\n \n \n /CNW/ -\n \n Power Metals Corp.\n \n (\"\n \n Power Metals\n \n \" or the \"\n \n Company\n \n \") (TSX\n \n VENTURE\n \n : PWM)(FRANKFURT: OAA1)(OTC: PWRMF) is pleased to announce that it has closed its previously announced\n \n $1,500,000\n \n equity financing with Sinomine Resource Group Co., Ltd., and the concurrent non-brokered financing of an additional\n \n $1,500,000\n \n in units (the \"\n \n Units\n \n \") for total gross proceeds to the Company of\n \n $3,000,000\n \n .\n \n \n \n \n \n \n \n \n \n Pursuant to the equity financing, Sinomine Resource Group Co., Ltd. has acquired 7,500,000 subscription receipts (the \"\n \n Subscription Receipts\n \n \") of the Company at\n \n $0.20\n \n per Subscription Receipt. The gross proceeds from the Subscription Receipts have been placed into escrow and will be released from escrow upon the Company and Sinomine entering into, within three months of closing, a mutually satisfactory off-take agreement on all lithium, cesium and tantalum produced from the Company's Case Lake Property (the \"\n \n Escrow Release Condition\n \n \").    Upon satisfaction of the Escrow Release Condition, the escrowed proceeds will be released to the Company and each Subscription Receipt will convert into one unit of the Company consisting of one common share and one share purchase warrant, with each warrant exercisable into one additional common share at\n \n $0.40\n \n per share for three years from the closing date.\n \n \n Pursuant to the concurrent non-brokered financing the Company issued 7,500,000 Units of the Company to various subscribers at\n \n $0.20\n \n per Unit for proceeds of\n \n $1,500,000\n \n .   Each Unit consists of one common share and one share purchase warrant, with each warrant exercisable into one additional common share at\n \n $0.40\n \n per share for three yea...