Business
3,000,000 Unit Flow Through Private Placement; 100% Ownership of the Logjam Property, South Central Yukon; Re pricing of $0.30 Warrants Expiring August 25, 2010
3,000,000 Unit Flow Through Private Placement; 100% Ownership of the Logjam Property, South Centr...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"\n3,000,000 Unit Flow Through Private Placement; 100% Ownership of the Logjam Property, South Central Yukon; Re pricing of $0.30 Warrants Expiring August 25, 2010\n\n\n Jun. 28, 2010 (TheNewswire.ca) -- Vancouver, B.C.: CMC Metals Ltd. (OOTC:CMCXF) (TSXV:CMB) (the \"Company\") wishes to announce that it has agreed to issue up to 3,000,000 Units at $0.20 per unit, each unit consisting of one flow-through common share and one transferable share purchase warrant. Two warrants will be exercisable for one additional non-flow-through common share at $0.25 per share for a period of twelve months. The proceeds of this private placement will be used to pay for the continued work program on the Company's properties both in British Columbia and the Yukon. A finder's fee may be payable in relation to this private placement. This transaction is subject to TSX Venture Exchange approval.Furthermore, the Company wishes to announce that pursuant to the option agreement entered into by the Company and as announced by Press Release dated May 24, 2006, 100% ownership of the Logjam Property located in South Central Yukon has been transferred to the Company, and as such the Company will issue 50,000 common shares to the named optionor upon receipt of TSX Venture Exchange approval. Pursuant to the terms of the option agreement, the Company is to pay an additional resource bonus of $100,000 or the issuance of a further 100,000 common shares, if 350,000 tonnes (43-101 resources) of economic grade ore is determined for the Logjam Property.In addition, the Company wishes to announce that, subject to receipt of TSX Venture Exchange approval, it will reduce the exercise price of a total of 2,043,000 Warrants expiring August 25, 2010, from $0.30 per share to $0.20 per share. These 2,043,000 Warrants were granted pursuant to the Company's 2,043,000 Unit private placement announced August 13, 2009, which closed August 25, 2009. Each Warrant will remain exercisable into one common share of the Company upon surrender of every two Warrants. The Company wishes to reduce the exercise price to better reflect the Company's current market price. As permitted by the TSX, the number of Warrants, as amended, to be exercised by insiders is limited to no more than 10% of the total held by insiders, distributed pro rata among those insiders holding warrants.This news releas...