(via Thenewswire.ca)
Vancouver, BC / TheNewswire / February 5, 2015 / Canadian International Minerals Inc. (the "Company") (CIN - TSX Venture) announces that it has arranged, subject to TSX Venture Exchange acceptance, a private placement of up to 3,000,000 units at a price of $0.025 per unit for total gross proceeds of up to $75,000. Each unit will consist of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share for a period of two years from the date of issue at a price of $0.05 per share in the first year and $0.10 per share in the second year of the term of the warrant.
Finders' fees may be payable in whole or in part on the private placement pursuant to the policies of the TSX Venture Exchange.
The proceeds of the private placement will be used as follows:
|
Description |
Amount |
|
Three Amigos exploration work |
$25,000.00 |
|
MacKay LLP - auditor fees |
17,671.50 |
|
Computershare - transfer agency fees |
1,031.20 |
|
Legal fees |
3,621.22 |
|
TSX Venture Exchange - sustaining fees |
5,460.00 |
|
Unallocated working capital |
22,216.08 |
|
Total |
$75,000.00 |
Unallocated working capital will be used to maintain operations and cover general and administrative expenses for the next six months.
The Company also announces that it intends to amend the terms of share purchase warrants issued on March 6, 2014, with an original expiry date of March 6, 2015. There are currently 9,000,000 warrants outstanding, each warrant exercisable into one common share of the Company at a price of $0.10 per share (the "Warrants"). Subject to the acceptance of the TSX Venture Exchange, the new expiry date of the Warrants will be March 6, 2019, and the exercise price of the Warrants will be changed to $0.07 per share, being the Market Price of the Company's shares on the date of announcement of the original private placement.
ON BEHALF OF THE BOARD
Michael E. Schuss
President and Chief Executive Officer
For further information on Canadian International Minerals Inc. please visit the Company website at www.cin-v.com.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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