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CMC Announces Terms Private Placement Units to Raise C$750,000
VANCOUVER, BC / ACCESSWIRE / August 2, 2023 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQB:C...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Announces Terms Private Placement Units to Raise C$750,000VANCOUVER, BC / ACCESSWIRE / August 2, 2023 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) (\"CMC\" or the \"Company\") is pleased to announce the terms to its proposed non-brokered private placement. The proposed terms are to sell flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.15 per FT Unit and non-flow-through units of the Company (each, a \"Unit\") at a price of C$0.13 per Unit for aggregate gross proceeds of up to C$750,000 (collectively, the \"Offering\").Each FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one-half of one transferrable non-flow-through share purchase warrant (each whole warrant, a \"Warrant\"). Each non-flow-through unit will consist of one common share of the Company and one-half of one transferrable non-flow-through share purchase warrant.Each Unit will consist of one common share of the Company (each, a \"Unit Share\") and one-half of one Warrant. Each whole Warrant will entitle the holder thereof to acquire one non-flow-through common share of the Company (each, a \"Warrant Share\") at a price of C$0.20 per Warrant Share for a period of 24 months from the closing date of the Offering.Proceeds from the sale of FT Shares to eligible investors in Canada will be used to incur \"Canadian exploration expenses\" and \"flow through mining expenditures\" as these terms are defined in the Income Tax Act (Canada). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.The net proceeds from the sale of FT Units will be used to fund the Company's exploration program at its Silverknife Property in the Rancheria Silver District, (Yukon/British Columbia) The net proceeds from the sale of NFT Units will also be used for general working capital.The Company may pay finders' fees comprised of cash and non-transferable warrants (the \"Finder's Warrants\") in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. The terms of the Finder's Warrants will be the same as the Warrants distributed in t...