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The Canadian Chrome Company Inc., (CSE: CACR,OTC:KWGBF) (CSE: CACR,OTC:KWGBF.A) formerly known as KWG Resources Inc. ("CCC" or the "Company"), is pleased to announce a proposed private placement of up to 10,714,285 units (each a "Unit") at a price of $1.40 per Unit for aggregate gross proceeds of up to $15,000,000 (the "Offering"). Each Unit will be comprised of one (1) multiple voting share of the Company (a "Multiple Voting Share") and one (1) Multiple Voting Share purchase warrant (a "Warrant"), with each Warrant enabling its holder to purchase one further Multiple Voting Share from treasury upon payment of an exercise price of $1.50 at any time prior to the earlier of (i) five (5) years from the date of the first closing of the Offering or (ii) two business days after a change of control of the Company.
Each subscriber for Units must be an "accredited investor" within the meaning of applicable securities laws or otherwise qualify to purchase Units on a prospectus-exempt basis in accordance with applicable securities laws. The proceeds from the Offering will be used to fund the Company's business focused on the acquisition of interests in, and the exploration, evaluation and development of, large-scale mineral deposits of chromite and other base metals and minerals including, without limitation, funding the Company's overhead and operating expenses and the costs of this private placement.
The Company will pay finder's fees of up to 5% of the aggregate amount subscribed for by subscribers referred to the Company by finders entitled to receive such fees in accordance with applicable securities laws, which fees will be payable in Units at deemed price of $1.40 per Unit.
All of the securities to be issued pursuant to the Offering will be subject to a four (4) month hold period.
This news release shall not constitute an offer to sell nor the solicitation of an offer to buy securities.
About The Canadian Chrome Company Inc.
The Canadian Chrome Company Inc. is an exploration stage company that is focused on identification, acquisition, consolidation, exploration, development and evaluation of large-scale deposits of minerals including chromite in the Ring of Fire, as well as other base metals and strategic minerals and, where applicable, support for the development of transportation and electrification links to access remote areas where these deposits may be located.
For further information, please contact:
Bruce Hodgman, Vice-President: 416-642-3575 ~ info@canadachrome.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Disclaimer: Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to U.S. newswire services or for release, publication, distribution or dissemination, directly or indirectly, in whole or in part, into the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289038