Dec. 9, 2010 (TheNewswire.ca) --
VANCOUVER, BRITISH COLUMBIA - December 9, 2010 (TSX.V: CMB) CMC Metals (OOTC:CMCXF) (TSXV:CMB) Ltd. ("CMC Metals" or the "Company") is pleased to announce that it will proceed with a private placement of up to 1,750,000 units (the "Units") at a price of $0.40 per Unit for gross proceeds of up to $700,000 (the "Offering"). Each Unit will consist of one common share in the capital of the Company which will be designated as a flow-through common share pursuant to the Income Tax Act (Canada)(a "FT Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof 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 12 months 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 will renounce an amount equal to the gross proceeds derived from the sale of the Units to the purchasers thereof in accordance with the provisions of the Income Tax Act (Canada).
The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSX Venture Exchange.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The proceeds from the Offering will be used to for Canadian exploration purposes.
On behalf of the Board:
"Michael C. Scholz"______________
Michael C. Scholz, Director/CFO
CMC METALS LTD.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further information on the Company, please contact Mr. Gord Zelko, VP Business Relations at StoxNetwork Corp. Telephone: 250-495-7123, or Email: gz@mineralstocks.com.
Neither the 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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