Canada Strategic Metals Closes First Tranche of Private Placement for $125,000

Canada Strategic Metals Inc. (TSXV:CJC,FWB:YXEN,OTC:CJCFF) announced that it 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. When Canada Strategic Metals announced the offer on March 11, it included 5,000,000 common shares, leaving 3,750,000, or $375,000 of this private placement 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.

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