Business
CMC METALS ANNOUNCES CLOSE OF SECOND TRANCHE OF PRIVATE PLACEMENT / CHANGES TO BOARD OF DIRECTORS
Jan. 31, 2011 (TheNewswire.ca) -- Vancouver, B.C.: CMC Metals (OOTC:CMCXF) (TSXV:CMB) Ltd. (...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"\nCMC METALS ANNOUNCES CLOSE OF SECOND TRANCHE OF PRIVATE PLACEMENT / CHANGES TO BOARD OF DIRECTORS\n\n\n Jan. 31, 2011 (TheNewswire.ca) -- Vancouver, B.C.: CMC Metals (OOTC:CMCXF) (TSXV:CMB) Ltd. (the \"Company\") is pleased to announce that it has completed it's previously announced private placement (see press releases dated December 17, 2010 and December 9, 2010) of up to 1,750,000 flow through units (the \"FT Units\") at a price of $0.40 per FT Unit for aggregate gross proceeds of up to $700,000 (the \"Offering\"). Each FT Unit consists of one common share in the capital of the Company which will be designated as a flow-through share pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant (a \"Warrant\"). Each whole Warrant entitles the holder to purchase one common share in the capital of the Company (a \"Share\") at a price of $0.45 per Share for a period of one year from the closing of the Offering, and thereafter at a price of $0.50 per Share for a period ending 24 months from the closing of the Offering.The Company closed the second tranche of the Offering consisting of 500,000 FT Units for gross proceeds of $200,000 on December 24, 2010. Each Warrant issued entitles the holder to purchase one Share at a price of $0.45 per Share until December 24, 2011, and thereafter at a price of $0.50 per Share until December 24, 2012. The Company will renounce an amount equal to the gross proceeds derived from the sale of the FT Units to the purchasers thereof in accordance with the provisions of the Income Tax Act (Canada).In connection with the closing of the second tranche, the Company paid certain finders (each a \"Finder\") a cash commission equal to 7% of the proceeds of the sale of FT Units by such Finder (being $10,220 in total).All securities issued in the closing of the second tranche will be subject to a hold period which expires April 25, 2011. The proceeds of the Offering will be used for Canadian exploration purposes.The Company further wishes to announce that D. Mark Gunderson, Q.C., of Fallis, Alberta, has joined the Company's board of directors. Mr. Gunderson brings to the board many years of legal and business experience and the Company is confident that Mr. Gunderson will prove to be a valuable asset. Director, Jacob Brouwer, has agreed to step down as a director giving way to Mr...