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Canada Strategic Metals Inc. (TSXV:CJC,FWB:YXEN,OTC:CJCFF) announced that is has closed the first tranche of a non-brokered private placement for $125,000. The company issued 1,250,000 units of common shares at a price of $0.10 per unit, with each unit consisting of one common share and half a warrant to purchase a common share of the company at $0.15 for a 24-month period after the private placement closes. The offer, which Canada Strategic Metals announced on March 11, included 5,000,000 common shares, leaving 375,000 or $37,500 remaining.
As quoted in the press release:
The Company paid intermediary fees of $2,000, along with 20,000 compensation options entitling their holders to purchase 20,000 common shares of the Company at a price of $0.15 per share for an 24-month period following the closing of the private placement. All the securities issued under the private placement are subject to a mandatory hold period of four months plus one day following the closing of the private placement.
The Company is pursuing its efforts in order to proceed to a second closing, in the coming weeks, of this private placement for up to $500,000. The proceeds of this private placement will be used for working capital and for property development. The private placement is subject to regulatory approval.
Click here to read the Canada Strategic Metals Inc. (TSXV:CJC,FWB:YXEN,OTC:CJCFF) press release
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