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CMC Announces Upsizing of Non-Brokered Private Placement for Gross Proceeds of up to C$3.1 Million
VANCOUVER, BC / ACCESSWIRE / March 14, 2022 / CMC Metals Ltd. (TSX-V:CMB) (Frankfurt:ZM5P) (C...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Announces Upsizing of Non-Brokered Private Placement for Gross Proceeds of up to C$3.1 MillionVANCOUVER, BC / ACCESSWIRE / March 14, 2022 / CMC Metals Ltd. (TSX-V:CMB) (Frankfurt:ZM5P) (CMCXF:OTC PINKS) (\"CMC\" or the \"Company\") is pleased to announce that due to significant investor demand, the Company has increased the size of the Company's previously announced non-brokered private placement (the \"Offering\") from up to C$2,120,000 to up to C$3,100,000 subject to regulatory acceptance. Under the revised Offering, the Company will sell any combination of flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.17 per FT Unit and non-flow-through units of the Company (each, a \"Unit\") at a price of C$0.15 per Unit for gross proceeds of up to C$3,100,000.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 full warrant, a \"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, 2022, 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 Units will be used to fund the Company's exploration program at its silver-lead-zinc properties in the Rancheria Silver District, Yukon/British Columbia and its polymetallic copper-silver-lead properties in central Newfoundland, as well as a range of other exploration activities, as well as general corporate purposes. A major focus of the funding will be directed towards exploration drilling on the Company's flagship Silver Hart Project.The Company may pay fin...