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Transition Metals Announces up to $1,000,000 Private Placement
Sudbury, Ontario--(Newsfile Corp. - May 9, 2023) - Transition Metals Corp. (TSXV: XTM) ("Transition" or the "Company") is pleased to announce that it intends to
About this update from Transition Metals Corp.
[{"type":"text","content":" Sudbury, Ontario--(Newsfile Corp. - May 9, 2023) - Transition Metals Corp. (TSXV: XTM) (\"Transition\" or the \"Company\") is pleased to announce that it intends to raise a minimum of $500,000 and up to an aggregate of $1,000,000 by way of a non brokered private placement (the \"Offering\"). The Offering will consist of up to 4,000,000 Flow Through Units (the \"FTU\") at a price of $0.10 per Unit, for proceeds of up to $400,000; up to 3,424,658 Charity Flow Through Units (the \"CFU\") at a price of $0.1168 per Unit, for proceeds of up to $400,000; and 2,500,000 Hard Dollar Units (the \"HDU\") at a price of $0.08 per Unit for proceed of up to $200,000. All Units (FTU, CFU, HDU) will consist of a common share and a half warrant. Each full warrant entitles the investor to purchase a common share in the Company at anytime for $0.15 for a period of 2 years. The Company may re-allocate among FTU, CFU and HDU depending on market demand. The initial Purchasers of the CFU may subsequently donate such CFU to registered charitable organizations, who may in turn choose to sell such CFU Units (the \"Re-Offered Units\") to purchasers at a price of $0.08 per Re-Offered Unit (the \"Re-Offer Price\") or sell such Re-Offered Units to purchasers at the Re-Offer Price. The Company will not be a party to any such arrangements. A finder's fee may be paid in connection with the Offering to finders, as determined by mutual agreement between the Corporation and the finders and subject to regulatory approval. The finders' fee will consist of 6% cash for Units sold to investors introduced by such finders, and non transferable share purchase warrants equal to 6% of such CFU, FTU or HDU sold to investors (\"Compensation Warrants\"). The Compensation Warrants will permit the purchase of one common share in the capital of the Company for 24 month from closing at a price of $0.15. Proceeds from the FTU and CFU securities issued in connection with the Offering, will be used to explore and advance critical minerals properties in Ontario (Maude Lake Ni-Cu-PGM and Saturday Night PGM) and the Yukon (Pike Warden Au-Ag-Cu). Completion of the Offering will be subject to all necessary approvals, including the approval of the TSX Venture Exchange. There can be no assurance that the Offering will be completed as proposed or at all. HDU securities issued in connection wi...