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Canadian Gold Miner Closes Private Placement for Gross Proceeds of $495,000
Canadian Gold Miner Closes Private Placement for Gross Proceeds of $495,000 Canadi...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nCanadian Gold Miner Closes Private Placement for Gross Proceeds of $495,000\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\nCanadian Gold Miner Closes Private Placement for Gross Proceeds of $495,000\nCanada NewsWire\nSUDBURY, ON, Aug. 22, 2016\n\n\n\nSUDBURY, ON, Aug. 22, 2016 /CNW/ - Canadian Gold Miner Corp (\"CGM\") and Transition Metals Corp. (XTM – TSX.V, \"Transition\" or the \"Company\") announce that CGM has closed a seed financing totaling $495,000 by way of issuance of 4,950,000 common shares (the Offering) at a price of $0.10 per share.  Of the total financing, $250,000 was placed by agents from Haywood Securities Inc. (Haywood) which received a 5% commission on its sourced portion of the Offering. \n\nGreg Collins, P.Geo., CEO of CGM and Chief Operating Officer of Transition stated, \"We are pleased to have secured this initial investment. Proceeds will be used to pursue acquisitions to further consolidate our property holdings in the Abitibi and to prepare targets on key projects for drilling this fall.\" \n\nPost-financing, CGM has 22,950,100 shares issued and outstanding on a fully diluted basis. Transition Metals owns 15,000,100 CGM shares, or 65% valued at approximately $1.5 million. \n\nAbout Canadian Gold Miner Corp \n\nCanadian Gold Miner Corp. (CGM) is 65% owned by Transition Metals Corp (XTM –TSX-V) and, is a Canadian private corporation focused on exploring for gold in the Larder Lake Mining District near Kirkland Lake. The Company was founded by Transition to leverage its data, expertise and pipeline of exploration projects towards consolidating an extensive portfolio of high quality gold projects. CGM has assembled a dominant exploration land position in excess of 150 square kilometres around the Cadillac Larder and Ridout Structures in the southwestern part of the prolific Abitibi Greenstone belt in Ontario. The Abitibi is Canada's most prolific gold district having produced in excess of 170 million ounces of gold with >40 million ounces undeveloped to date1 located in a stable political jurisdiction with exce...