Base Metals

Chilean Metals Inc. ("Chilean Metals," "CMX" or the "Company") (TSX.V:CMX)(SSE:CMX)(MILA:CMX) is pleased to announce it has agreed to acquire 100% of the Golden Ivan property from Granby Gold Inc., via a payment of 6,500,000 shares of CMX. Golden Ivan is located approximately 3 kilometers to the east of Stewart, BC in the heart of the Golden Triangle. The Golden Ivan property consists of 13 mineral claims, all in good standing, for a total area of approximately 797 hectares. This agreement revises the parties' earlier option agreement

Previously as announced on January 14, 2021, Chilean had agreed to acquire the property by making a series of cash payments totaling $150,000 (the 'Cash Payments') to Granby Gold Inc. (the "Optionor") on or before the dates set out below:

(i) $50,000 on or before September 30, 2021;

(ii) an additional $50,000 on or before September 30, 2022; and

(iii) an additional $50,000 on or before September 30, 2023;

Along with stock payments in aggregate of 11,400,000 Shares to the Optionor (the 'Share Payments'), on or before the dates set out below:

(i) 3,900,000 Shares on the signing of the agreement, which has been completed.

(ii) an additional 2,500,000 Shares on or before September 30, 2021;

(iii) an additional 2,500,000 Shares on or before September 30, 2022; and

(iv) an additional 2,500,000 Shares on or before September 30, 2023.

Chilean, under the prior arrangement, would also have been required to incur an aggregate of $1,800,000 of work expenditures on the Property on or before the dates set out below:

  1. $450,000 in Work Expenditures on or before September 30, 2021;
  2. $450,000 in Work Expenditures on or before September 30, 2022;
  3. $450,000 in Work Expenditures on or before September 30, 2023; and
  4. $450,000 in Work Expenditures on or before September 30, 2024.

On the performance of the Cash and Share, Payments noted above and completion of the work commitments Chilean Metals Inc. would acquire a 100% interest subject only to a 2.5% NSR royalty. Chilean retains the option to purchase 40% of this royalty for a one-time payment of $1,000,000.

The revised 100% purchase agreement eliminates the cash payments and work commitment and expedites the payment by shares while reducing the overall quantity of shares by 1,000,000 shares from the original agreement. The final share issuance of 6,500,000 shares is subject to a four-month hold period from the date of the share issuance. Approval of this transaction, as revised, is subject to the approval of the TSXV.

Chilean has filed on SEDAR the "Technical Report on the Golden Ivan Property" with an effective date of December 6, 2020, prepared by Derrick Strickland, PGeo and Locke Goldsmith, PGeo, P.Eng.

Figure 1 - Golden Ivan as noted in Maps above is located in the heart of Golden Triangle & Close to Stewart

"Recent events made a complete acquisition of Golden Ivan project under the revised terms the best strategic move for Chilean at this time. Two subsequent developments made this arrangement beneficial. First Chilean entered into an option agreement to acquire 80% of the NISK Nickel project as announced here https://chileanmetals.com/wp-content/uploads/2021/02/CMX-closes-on-Nisk-Final-Feb23-converted.pdf. The potential of developing NISK as a Nickel Sulphate deposit has prompted Chilean Metals to change its focus to Battery Metals from Copper Gold. During the same time period, Chilean has announced plans to change its name to Power Nickel and to explore a Plan of Arrangement to spin off its Copper Gold assets. With these proposed steps in mind converting the option agreement on Golden Ivan to an actual acquisition provides a much more valuable asset to take public via the execution of the proposed Plan of Arrangement now in development. Secondly, the area around Golden Ivan has gotten a lot more interesting with the advancement of Ascot Resources (AOT:TSE), Scottie Resources (SCOT:TSXV), and Strikepoint Gold ( SKP:TSXV). These unrelated Companies surround our Golden Ivan project and the market increasingly is excited about the development potential for these companies and this interest may be transferred inferentially to our undrilled Golden Ivan project. The ability for Chilean to lock in the Golden Ivan project at a reduced ultimate share cost, cash cost but with increased development flexibility made this an agreement we were excited to conclude. commented Terry Lynch Chilean CEO.

The Company cautions that references to nearby unrelated properties are for general information purposes only and there are no assurances that the Company will obtain similar results and benefits at the Golden Ivan property.

About the Golden Ivan Property
The Golden Ivan property is situated toward the south of British Columbia's prolific ‘Golden Triangle', which hosts numerous profitable mineral deposits and is known to be highly prospective for large-scale mineral systems, including large-scale porphyry systems, high-grade gold and silver veins, and volcanogenic massive sulphides. The Golden Triangle is host to numerous past and current mining operations and has reported mineral resources which total up to 67 million oz of gold, 569 million oz of silver, and 27 billion pounds of copper. Recent mineral development activity within the local area includes Ascot Resources' recently funded Premier Gold mine (2.3 Million oz gold), which has received $105 million in project construction financing for the development of renewed operations at the historic exploited Premier Gold deposit. Other notable active projects in the local area include the neighboring Silverado project, and Red Mountain, and Homestake projects amongst many others. Further to the north Pretivm's Bruce Jack mine (4.2 million oz gold), and the neighboring KSM and Eskay deposits also have significant gold, silver, and copper resources that are yet to be realized.

The Golden Ivan property is located approximately 15km southwest of the Red Mountain Gold/Silver deposit and 30 km south of the historic Premier Gold mine. Immediately to the south of the property significant Silver resources have recently been established at the Porter-Idaho deposit, along several mineralized veins that strike onto the Golden Ivan property.

Physiography and Access: The property covers dominantly high alpine areas situated between Mt Rainy and Mt Maggie and is located adjacent to the Cambria Icefield. Several small glaciers occur on the property, which is otherwise typified by rock outcrop and glacial debris, with forested areas at lower elevations toward the west. The property is accessible by Helicopter from the town of Stewart, and is amenable to seasonal exploration from June onwards. Stewart has deep seaport access, road access, and is a regional hub for mineral exploration services.

Capsulate Geology: Based on the limited publicly available information; the property is located within Stikine Terrane (Stikinia) of the Canadian Cordillera and is underlain by felsic to intermediate volcanogenic sediments of the Jurassic Hazelton Group, which are unconformably overlain by Bowser Basin sediments. The property is understood to be situated over steeply dipping overturned sediments within the Mt Rainy syncline and is located adjacent to a significant E-W fault (the Silverado fault) located toward the south of the property. The local area additionally hosts several intrusive complexes of the Coast Crystalline Belt; including Hyder and Glacier creek plutons. Numerous dykes are reported to cross the property in a general northwest direction.

Previous Work: The property hosts two (2) known mineral showings (Gold Ore, and Magee), and a portion of the past-producing Silverado Mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be Polymetallic veins that contain quantities of Silver, Lead, Zinc +/- Gold +/- Copper. Numerous additional mineral occurrences, showings, and past procuring mines are located in the immediate areas surrounding the property, further supporting the presence of widespread mineralization in the areas.

The property is relatively under-explored. Work that was completed by previous operators from the 1980s to 2011, included prospecting, limited geochemical sampling, some ground-based geophysics surveys; limited sampling from the historical workings at the Silverado Mine was also performed.

In 2018 Precision Geophysics completed an 88-line kilometer combined magnetic and gamma-ray spectrometry survey on behalf of the vendor Granby Gold Inc. Standard magnetic and radiometric data products were prepared and additional interpolate structural analyses were performed on the collected data. A number of areas of coincident magnetic and radiometric anomalism have been identified, additionally ‘structurally prepared' zones are identified from the structural analysis interpolates. Such characteristics are widely regarded as favorable indicators of widespread hydrothermal alteration aka Porphyries, and may likely aid in vectoring toward any causative source intrusions that may be located on the property. Three preliminary target areas of merit are now established as a result of the survey and will be the focus of initial explorations at the site.

Future Exploration: The Company intends to focus future exploration efforts to determine the potential causative source intrusions of the mineralization observed across the property, and surrounding areas. The initial phase of exploration is anticipated to include systematic geological and structural and alteration mapping, as well as geochemical sampling across the property to determine any local areas of anomalism. This would be followed by ground-based geophysics to confirm local structural trends prior to proceeding with an initial drill program in the summer/fall of 2021.

Qualified Person
Qualified Person Luke van der Meer, P.Geo. (Licence # 37848), Independent Geological Consultant., is a Qualified Person under NI 43- 101 on standards of disclosure for mineral projects, has reviewed and approved the technical content of this release.

About Chilean Metals,
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in Chile and Canada.

Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG ("Iron oxide-copper-gold") belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, relatively recently sold to a subsidiary of Teck Resources Inc. ("Teck"). Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's First Region.

ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.

"Terry Lynch"

Terry Lynch, CEO

Contact: terry@chileanmetals.com

Forward-looking Statements: This news release may contain certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities, and results. Although CMX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals, and general economic, market, or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: Chilean Metals, Inc.



View source version on accesswire.com:
https://www.accesswire.com/650831/Chilean-Metals-Acquires-Golden-Ivan

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Power Nickel

Power Nickel

Overview

Power Nickel (TSXV:PNPN) has historically been a Chilean focused company. However, with two substantial acquisitions announced in Q4 2020 the Company has been reshaped into a multi project junior miner. Power Nickel now has an advanced high grade nickel copper cobalt PGE in the James Bay Area – the NISK deposit – the very interesting Golden Ivan project in the heart of the Southern portion of the Golden Triangle kilometers away from the recently announced Ascot Resources mine and of course its historic Chilean properties led by the Tierra De Oro project.

Company Highlights

  • Power Nickel is a mining exploration company with assets in Chile (Tierra de Oro, Zulema), British Columbia, Canada (Golden Ivan) and a pending acquisition in Quebec Canada (NISK).
  • The company recently closed C$3 million in financing.
  • The company receives 3 percent NSR royalty for its Copaquire deposit, which sold for upwards of C$3 million.
  • The company’s wholly owned Tierra de Oro and Zulema projects are located within Chile’s prolific iron-oxide-copper-gold (IOCG) belt, which hosts a number of significant copper-gold deposits.
  • The company recently acquired 100 percent of the Golden Ivan property located within British Columbia’s world-class Golden Triangle.
  • Power Nickel discovered two new high-grade gold zones yielding 16.2 grams-per-tonne (gt) gold (Au) and 15.1 gt Au in outcrop.
  • The company announced a new fully funded 5,000 meter drill program after reporting high grade results at Nisk.
  • Power Nickel and Critical Elements Lithium Corporation confirmed the presence of high-grade nickel mineralization in the central portion of the Nisk Main mineralized lens.

Key Projects

Nisk

Located in the James Bay region of Quebec this high grade Nickel Copper Cobalt PEG project with a Historical resource of over three million tonnes was optioned from Critical Elements Lithium Corporation (TSXV:CRE) in December 2020, subject to TSXV approval and agreement to acquire 80 percent of the NISK property via a series of option payments and work commitments.

The Nisk Deposit – Location Map

Previous Work

The NISK-1 property hosts a nickel showing discovered and evaluated by INCO and its subsidiary, Nemiscau Mines, in the period from 1962 to 1969. At the time, the Nemiscau area was very remote and INCO had large quantities of high-grade nickel ore in the Sudbury area, so the property was abandoned.

From 1987 to 1988 Muscocho Explorations Ltd completed surficial explorations that included an airborne VLF-EM and total magnetic field geophysical survey, collection, and analysis of surface rock samples, and completed diamond drilling of 16 holes totalling 1,843 m at the NISK-1 showing.

In 2006 to 2008 Golden Goose Resources completed further surficial explorations that included an airborne AeroTEM 2 – EM and magnetometry geophysical survey, and a ground TEM geophysical survey. Golden Goose Resources also completed diamond drilling of 63 holes totaling 13,088 m at the NISK-1 showing.

The 63 holes drilled by Golden Goose Resources were utilized to develop a NI 43-101 mineral resource. The resource estimation was completed by RSW INC and is detailed in their report entitled Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec. Dated ‘December 2009’. The 2009 resource estimation is considered to be a ‘Historical Estimate’ as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects

The historical resource estimation culminated in the definition of Nickel, Copper, Cobalt, Palladium, Platinum resources, containing Measured, Indicated, and Inferred confidence categories as described in Table 1 below. The simplified sectional resource is developed along a single continuous drill hole intersections, developed with a cut-off grade of 0.4 percent nickel over a minimum width of 0.5 meters, within estimation blocks measuring up to 75 meters along respective sections to define the nickel-bearing zone.

Table -1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.

The information regarding the NISK-1 deposit was derived from the technical report titled “Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec” dated December 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates described above are set out in the technical report.

Future Exploration:

Future Work

The company plans to further advance the previously defined historic resources with confirmation drilling, additional infill, and resource definition drilling commencing in Q2. An updated resource estimate will be prepared upon completion of the additional drilling. Surface exploration is also contemplated for other prospective targets on the property.

Golden Ivan

The Golden Ivan property is situated toward the south of British Columbia’s prolific Golden Triangle, which hosts numerous profitable mineral deposits and is known to be highly prospective for large scale mineral systems, including large-scale porphyry systems, high-grade gold and silver veins, and volcanogenic massive sulphides. The Golden Triangle is host to past and current mining operations including Pretium, Eskay Creek, Johnny Mountain, Red Mountain, Snip Mine, Premier Mine, Golden Bear and Valley of the Kings. The Golden Triangle has reported mineral resources (past production and current resources) in total of 67 million oz of gold, 569 million ounces of silver and 27 billion pounds of copper.

The Golden Ivan property is located approximately 15km south west of the Red Mountain Gold/Silver deposit and 30 km south of the historic Premier Gold mine which just announced construction financing being completed to place this past producer again into production. Immediately to the south of the property significant Silver resources have recently been established at the Porter-Idaho deposit, along several mineralized veins that strike onto the Golden Ivan property.

Figure 1 – Golden Ivan as noted in Maps above is located in the heart of Golden Triangle & Close to Stewart

“Golden Ivan is a great acquisition for Chilean. The recent news from Ascot Resources regarding their now financed plans to build the Premier mine within a few kilometres of our property is certainly a positive one for all property owners in the Southern part of the Triangle. Geographically Golden Ivan’s location between StrikePoint’s Silverado project to the south and Scottie Resources to the North on a under explored and undrilled land package is certainly very interesting to us on a geological basis. The recent Geophysical work done by the Optionor makes us anxious to get in their next summer and drill those three Porphyry looking targets.” Commented Terry Lynch Power Nickel CEO.

Future Exploration

The company intends to focus future exploration efforts to determine the potential causative source intrusions of the mineralization observed across the property, and surrounding areas. The initial phase of exploration is anticipated to include systematic geological and structural and alteration mapping, as well as geochemical sampling across the property to determine any local areas of anomalism. This would be followed by ground-based geophysics to confirm local structural trends prior to proceeding with an initial drill program in the summer/fall of 2021.

Projects in Chile

Chile’s prolific Atacama iron-oxide-copper-gold (IOCG) belt hosts a number of significant copper-gold deposits, including Mantos Blancos, Manto Verde and Candelaria. The Candelaria deposit, owned by Lundin Mining (TSX:LUN), has produced 470 Mt at 0.95 percent copper, 0.22 grams per ton (g/t) gold and 3.1 g/t silver. It holds the title as the world’s second-largest iron-oxide-copper-gold deposit.

Power Nickel (TSXV:PNPN) wholly owned 5,600 hectare Tierra de Oro and 4,300 hectare Zulema projects are located within the belt. Zulema is located just 30 kilometers from the Candelaria deposit, with which it shares similar geography.

Previous exploration data generated by both the company and other historic operators have been compiled and 8,660 training points were subjected to evaluation by Windfall’s propriety CARDS AI model. CARDS uses data mining techniques to analyze compiled exploration data and to identify areas target zones with high statistical similarity to known “signatures” of areas of copper, gold and silver mineralization (Figures 3 and 4 below). A total of thirteen (13) prospective target zones were identified by the prediction analysis, of which the company has elected to drill test two of the zones.

  • The ‘Chanchero’ Zone has previously been identified as being prospective for copper porphyry style mineralization and remains untested. The area comprises a 0.75 square kilometres zone of argillic and quartz-sericite-pyrite alteration hosted by augite-hornblende diorite to granodiorite with roof pendants of hornblende monzonite. A significant colour anomaly is also evident. The area was surveyed by 3-D Induced Polarization (IP) methods in 2008 and generated a chargeability anomaly greater than 50MV/V at its core which is open at depth. The area is to be the focus of four (4) core holes that are proposed to intersect the chargeability anomaly longitudinally and at depth.

Figure 1: Locations of 4 Proposed drill holes at the Chanchero target, relative to the outline/projected shape of the greater at than 50MV/V chargeability anomaly as defined by the 2008 3-D Induced Polarization survey.

  • The ‘Iron Skarn’ zone is an AI generated target Gold anomaly which occurs along a pronounced structure and is located along strike from existing shallow artisanal gold workings. A single core hole is to be orientated to intersect the structure at depth below the projected level of the adjacent historical workings.

The Phase 1 program is to consist of 1,500 meters of core drilling is expected to be completed by mid December (2020) and assays are expected to be received in mid to late January (2021).

In addition to the drilling program, the company intends to complete a systematic sampling program over the remaining target areas identified by the AI analysis. Limited ground truth sampling on three of the AI targets produced sample results including 10.32 and 5.79 grams per tonnes gold at the Cobalt zone, and another series of nine (9) samples that graded between 0.77 percent to 3.23 percent Copper. In addition to wider surface sampling in areas where no surface indications are visible the company plans to conduct localized IP.

Figure 2: Tierra De Oro property CARDS target model-A for Copper anomalism

Figure 3: Tierra De Oro property CARDS target model-A for Gold anomalism

Figure 4: Chanchero 3D IP anomalism

“We were excited to commence drilling on TDO. In particular we believe the AI guidance will focus our search and enhance our odds of drilling success. Chanchero the large IP anomaly was home of the Chanchero Gold Rush in Chile in the early 1900s and we believe it is possible the large IP anomaly could be the causative source of that mineralization. It’s the type of drill hole Junior Miners dream about. We have de-risked it as much as we can and now we await the results of the Assays which we would expect towards the end of January,” commented Terry Lynch, Chilean Metals’ CEO.

All three of the company’s projects benefit significantly from exceptional infrastructure and access. Chilean Metals’ management team brings decades of experience and an extensive track record of success in mining exploration and resource development. The company plans to leverage technological innovation as well as C$3 million in completed financing to further develop its diverse portfolio of assets.

Management Team

Peter Kent — Chairman

Formerly with the TecSyn Group of Companies, at which he was Vice President General Counsel and Corporate Secretary. Peter brings over 25 years of business experience regarding complex business and legal affairs. In addition to his time at Tecsyn, Peter was also a corporate commercial lawyer at Bassel Sullivan, a Toronto-based boutique law firm.

Terry Lynch — CEO

Terry Lynch graduated in 1981 from St. Francis Xavier University with a joint honours degree in Economics and BBA. Prior to becoming a director with International PBX Ventures in 2012, Lynch had been CEO of privately held Nevada-focused Relief Gold. He also had been a director and later CEO of TSX-listed Firstgold Corp. He assumed the CEO position after the company had run into financial difficulty bringing its Relief Canyon mine into production. He arranged a sale of 51 percent of the company for a total capital injection of $26.5 million from Northwest Non-Ferrous Metals, one of China’s largest mining engineering and consulting groups.

From 2005 to 2008, Lynch was a partner with Kingsmill Capital Partners, a financial advisory firm specializing in advising public and private early stage growth companies. Prior to joining Kingsmill Capital, he spent 15 years operating startup companies in industrial products, oil and gas and media. Mr Lynch is currently a director and co-founder of Cardiol Therapeutics.

Greg McKenzie — Director

Greg McKenzie is a senior investment banker with 20 years of experience in financing, M&A, financial advisory, valuation and strategic advice primarily to mid-cap companies. His transactions are valued in excess of $18 billion. McKenzie has worked in New York and Toronto and has held positions with Morgan Stanley, CIBC World Markets, Haywood Securities and Salman Partners. While at these firms, Greg advised management and boards of companies in various sectors including: metals and mining, industrials, consumer products, technology and healthcare. McKenzie was also called to the bar in New York and Ontario and practiced law with a leading Canadian securities and M&A law firm.

Ximena Perez — Managing Director of Chile

Ximena Perez has 13 years of experience in Chile as an exploration and production geologist, the first five years of which she spent as a production geologist in underground mining in Cu. She developed a career as an Exploration Geologist with extensive experience in drilling program supervision, data management and geological modeling. She participated in the exploration for the expansion of Skarn Las Cenizas (Cu-Ag), Talcuna (stratabound and veins Cu-Au), Punitaqui (stratabound and veins Cu-Ag-Au) and Dayton (epithermal of Au), in the latter two as Chief Exploration Geologist.

Perez has experience in exploration consultancies for medium-sized mining, as well as independent work in resource inventories. She has served as Exploration Geologist for Chilean Metals Inc., and since 2018 she has been Managing Director Chile in the company.

Les Mallard — Director

Les Mallard is a graduate from The University of Prince Edward Island with a BA in Economics. He has spent over 30 years in the Canadian Produce Industry employed in various capacities with Chiquita Canada and Chiquita Brands North America. After retiring from Chiquita in 2017, he started Mallard Produce Solutions, a produce consulting company focused on providing North American and Latin American clients with business solutions to expand their market potential. Les is also on the Board of Directors for the Canadian Produce Marketing Association and Hydroponic Life.

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Cyprium Metals Ltd $16m Placement and $10m Non-renounceable Entitlement Offer

Perth, Australia (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) is pleased to announce a capital raising via a placement and a pro rata non-renounceable rights issue to raise up to approximately $26 million before costs.

HIGHLIGHTS

- Firm commitments received for a Placement to raise $16M at 11.5 cents per share

- Additional pro rata non-renounceable entitlement offer to raise up to $10M

o 1 new share for every 8 held on the record date at 11.5 cents per share
o Offer will be open to all eligible Cyprium shareholders

- Funds raised will place Cyprium in a strong financial position to continue progressing the development of the Nifty Copper Project

- Equity raise supports recently announced $50M Offtake Prepayment Facility with Glencore

- Advanced discussions are continuing with Senior Debt counterparties

Managing Director Barry Cahill commented:

"The Board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.

Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.

With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023."

The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at 11.5 cents each (Offer Price) to raise $16 million (Placement) from sophisticated and institutional investors.

The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to $10 million (Entitlement Offer).

The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares.

Use of Funds

The Placement and Entitlement Offer proceeds will be applied as part of the funding strategy to finance the restart of the Nifty Copper Project which will aim to provide a sustainable, secure, and stable supply of copper metal at 25,000tpa.

As announced on 27 June 2022, Cyprium has entered into an exclusive Letter of Intent (LOI) with Glencore International AG for $50 million in respect of a copper cathode offtake secured prepayment facility, as part of the debt financing package for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs. The LOI is a non-binding term sheet for both offtake arrangement and project funding and is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project. The Company continues to advance discussions with senior debt providers who are undertaking due diligence activities and reviewing financing documentation.

Details of Placement

Pursuant to the terms of the Placement, the Company has agreed to issue approximately 139.1 million Placement Shares in the Company at the Offer Price of 11.5 cents per share to raise $16 million before costs, under the Company's existing placement capacity pursuant to ASX Listing Rule 7.1 (82,648,514 Placement Shares) and 7.1A (56,481,921 Placement Shares).

Subscribers for the Placement Shares will be entitled to participate in the Entitlement Offer.

Entitlement Offer

Under the Entitlement Offer, eligible shareholders will be able to subscribe for one (1) new ordinary share for every eight (8) existing fully paid ordinary shares held as at 5.00 pm (AEST time) on Friday, 8 July 2022 (Record Date) at the Offer Price.

The Offer Price represents a:

- 28.1% discount to last close on 27 June 2022;

- 19.6% discount to the 10-day VWAP up to and including 27 June 2022;

- 23.9% discount to the 15-day VWAP up to an including 27 June 2022; and

- 25.8% discount to the theoretical ex-rights issue price (TERP) to last close on 27 June 2022.

Cyprium will release a prospectus detailing the terms of the Entitlement Offer shortly, including details as to whether shareholders are eligible to participate in the Entitlement Offer and key risks (Prospectus). The Prospectus will include a personalised entitlement and acceptance form which will provide further details of how to participate in the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.

Eligible shareholders should read the Prospectus carefully before making any investment decision regarding the Entitlement Offer. If you are in any doubt about the Entitlement Offer, you should consult your financial or other professional adviser.

Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited are acting as Joint Lead Managers to the Placement. The fees payable to the Joint Lead Managers will be set out in further detail in the Prospectus.

Longreach Capital is acting as financial advisor and Steinepreis Paganin is acting as legal advisor to Cyprium.

*To view the capital structure post placement, please visit:
https://abnnewswire.net/lnk/009WA5D2



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

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