2015-02-24 14:53 ET - News Release
Mr. Jack Bal reports
INCREASE AND CLOSING OF 12,500,000 UNIT PRIVATE PLACEMENT @ $0.04 PER UNIT / GRANT OF INCENTIVE
CMC Metals Ltd. has increased its
originally announced 12.5-million-unit private placement, as announced pursuant to its Jan. 22, 2015,
press release, to 13,087,500 units and closed this transaction, having received TSX Venture Exchange
approval. The terms of the placement remained unchanged offered at four cents per unit for total gross proceeds
of $523,500 for the total 13,087,500 units. Each unit consists of one common share and one
transferable share purchase warrant with each one warrant exercisable for one additional common share
of the company at five cents per share for a two-year period expiring Feb. 24, 2015.
The funds derived from this placement will be used toward the company's
payables and continuing operations in the United States of approximately
$300,000, which includes installation of the pond liner at the
Bishop mill, and payroll requirements at the Bishop mill and Radcliff
property, with the remaining
balance to be used toward Canadian payables and toward working capital.
There is a finder's fee
payable of $7,480, equal to 1.43 per cent of the total proceeds raised
from this placement, together with
broker's warrants for 187,000 warrant shares issuable on the same terms
and conditions as this
The company further wishes to announce that it has granted one million common shares pursuant to
incentive stock options under the company's rolling stock option plan, which plan received
shareholder approval at its last annual general meeting held Aug. 19, 2014. The options granted will
be set for a two-year period expiring Feb. 24, 2017, at the exercise price of five cents per share. This
transaction is subject to TSX-V approval.
We seek Safe Harbor.