Business
CMC Closes C$750,000 Non-Brokered Private Placement
NOT FOR DISSEMINATION OR DISTRIBUTION INTO THE UNITED STATES OR THROUGH UNITED STATES NEWSWI...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Closes C$750,000 Non-Brokered Private PlacementNOT FOR DISSEMINATION OR DISTRIBUTION INTO THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICESVANCOUVER, BC / ACCESSWIRE / November 25, 2021 / CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5N)(OTC PINKS:CMCXF) (\"CMC\" or the \"Company\") is pleased to announce that the Company has closed a non-brokered private placement (the \"Offering\") for gross proceeds of C$750,000 from the sale of 7,500,000 flow-through units of the Company (each, a \"FT Unit\") at a price of C$0.10 per FT Unit. Red Cloud Securities Inc. (\"Red Cloud\") acted as a finder on behalf of the Company in relation to the Offering.Each FT Unit consists 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 transferable share purchase warrant (each full warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one common share of the Company (each, a \"Warrant Share\") at a price of C$0.15 per Warrant Share on or before November 22, 2023. The FT Shares and Warrant Shares will be subject to a hold period ending on March 23, 2022.The proceeds from the Offering will be used to fund the Company's exploration program at its silver properties in the Rancheria Silver District, Yukon/British Columbia and its properties in Newfoundland. Proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1(6) of the Income Tax Act and \"flow through mining expenditures\" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.In connection with the Offering, the Company paid finders' fees of C$45,500 and issued to Red Cloud 455,000 non-transferable warrants (the \"Finder's Warrants\"), with each Finder's Warrant exercisable into one common share of the Company at a price of C$0.10 at any time on or before November 22, 2023.The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any applicable state securities laws, and may not be offered or sold to, or...