Canada Strategic Metals Announces $4 Million Marketed F low-Through and Common Share Private Placement

Canada Strategic Metals (TSXV:CJC) has announced that it has entered into an agreement with Canaccord Genuity with a proposed fully marketed private placement to raise proceeds of approximately $4 million.
As quoted in the press release:

The Marketed Offering will consist of the sale of 17,150,000 flow-through common shares of the Company (the “Flow-Through Shares”) at a price of C$0.175 per Flow-Through Share and the sale of 9,091,000 common shares of the Company (the “Marketed Common Shares”) at a price of C$0.11 per Marketed Common Share.
In addition, the Company will grant the Agent an option to sell up to an additional 9,091,000 common shares of the Company (the “Agent’s Option Common Shares”, and together with the Marketed Common Shares, the “Offering Common Shares”) at C$0.11 per Offering Common Share to raise additional gross proceeds of up to C$1.0 million (the “Agent’s Option” and together with the Marketed Offering, the “Offering”).
The gross proceeds raised from the sale of Flow-Through Shares will be used to incur “Canadian exploration expenses” as defined in the Income Tax Act (Canada) (the “Act”) on the Company’s properties in Quebec (the “Qualifying Expenditures”). The Qualifying Expenditures will be renounced to the subscribers with an effective date no later than December 31, 2016, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of Flow-Through Shares.

Click here to read the full press release.