Business
US Critical Metals Announces Private Placement Led by Echelon Capital Markets
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2023) - US Critical Metals Corp. (TSX...
About this update from Us Critical Metals Corp.
[{"type":"text","content":"US Critical Metals Announces Private Placement Led by Echelon Capital MarketsVancouver, British Columbia--(Newsfile Corp. - February 27, 2023) - US Critical Metals Corp. (TSXV: USCM) (OTCQB: USCMF) (FSE: 0IU0) (\"USCM\" or the \"Company\") is pleased to announce its intention to complete a brokered private placement on a commercially reasonable \"best efforts\" basis for gross proceeds of up to C$3,500,000 (the \"Offering\"). The Offering will be led by Echelon Wealth Partners Inc. as sole agent and bookrunner (the \"Agent\").The Offering will consist of up to 10,000,000 units of the Company (each, a \"Unit\", and collectively the \"Units\") at a price of C$0.35 per Unit (the \"Offering Price\"). Each Unit consists of one Common Share (each, a \"Common Share\", and collectively the \"Common Shares\") and one Common Share purchase warrant (each whole warrant, a \"Warrant\" and collectively the \"Warrants\"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.55 per Common Share for a period of 36 months from the closing date of the Offering. If, at any time following the date that is 4 months and one day following the Closing Date, the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"TSXV\") is greater than C$1.00 per Common Share for the preceding 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that is at least 30 days following the date of notice to holders of Warrants.The Company has granted the Agent an option to sell up to an additional 15% of the Units at the Issue Price, exercisable in whole or part at any time up to 48 hours prior to the closing of the Offering (the \"Closing\").The Company will apply to list the Common Shares (including the Common Shares underlying the Warrants and the broker warrants (as described below)) on the TSXV upon closing of the Offering.The net proceeds of the Offering will be used for exploration of the Clayton Ridge Lithium Project, the Sheep Creek REE Property, the Haynes Cobalt Project and for general and working capital purposes.The Offering will be conducted pursuant to the terms of an agency agreement to be entered into between the Company and the Agent on or prior to the Closing. In connection with the Offering and subject to TSXV's...