Chilean Metals Closes $3 Million Financing

Chilean Metals Inc. (TSXV: CMX) (SSE: CMX) (MILA: CMX) ("Chilean Metals," "CMX" or the "Company") has completed a non brokered private placement of $3,017,525 dollars. The proposed financing resulted in the issuance of 30,175,250 units at $.10 per unit. Each unit is comprised of one common share of the Company (a "Common Share") and one half of one common share purchase warrant (a "Warrant"), with each whole Warrant exercisable into a common share of the Company (a "Warrant Share") at an exercise price of $0.15 per Warrant Share for a period of 24 months from date of closing of this offering. The Warrants will be subject to an accelerated expiry date if at any time after January 31, 2021, the Company's common shares have a closing price equal to or greater than $0.30 per common share for ten (10) consecutive trading days on the TSX Venture Exchange, the Company shall thereafter be entitled to give notice to the holders of the CMX Warrants, by news release, that such Warrants will expire at 5:00 p.m. (Vancouver time) on that date which is 20 days after the date of such news release unless exercised before the expiry of that period.

Participating brokers were paid a commission of 8% and provided a broker warrant entitling them to acquire 8% of the amount invested for a period of 24 months. A total of $162,512 in fees were paid and 1,505,120 broker warrants were issued giving the brokers the right to purchase a Common Share for $.10 for the next two years. The TSXV has granted conditional approval of the private placement.

Funds will be used to advance exploration and drilling on targets in Chile, to acquire additional properties, to repay outstanding bills of approximately $600,000, outstanding debentures of approximately of $200,000 and to provide working capital.

"The additional capital will enable us to move forward with our drill program in Chile in Q4 2020 and Q1 2021 and to look at additional opportunities. We believe mining markets are turning and believe now is the time to engage" commented Chilean CEO Terry Lynch.

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, 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) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64822

News Provided by Newsfile via QuoteMedia

The Conversation (0)
airborne geophysical surveys for geological mapping

Spruce Ridge Completes Airborne Survey over "Foggy Pond" Gold Property

(TheNewswire)

Spruce Ridge Resources Ltd

The newly acquired claims cover a large, previously unexplored area underlain by Lower Paleozoic siliciclastic rocks, similar to those hosting recently discovered gold deposits on the Queensway Project of New Found Gold Corp. and the Moosehead Project of Sokoman Minerals Corp. Re-interpretation of province-wide airborne magnetic data has indicated previously undocumented structural complexity, including a regional-scale fold and possible crustal-scale fault structures like the structures that are now known to localize gold mineralization in Central Newfoundland. The fold feature may cause the mineralized horizon containing the Great Burnt copper deposit and the South Pond gold and copper-gold zones to be repeated on a western limb. Local magnetic anomalies have been interpreted as possible ophiolite slivers along a northeast-trending structure that may be like the GRUB line crossing New Found Gold's property.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
copper metal

Updated Nifty Copper Mineral Resource Estimate

Cyprium Metals Limited (ASX: CYM) (“Cyprium” or the “Company”) is pleased to announce the Company’s maiden Mineral Resource estimate (MRE) for the Nifty copper deposit following the completion of the acquisition of the Paterson Copper Project in March 2021. Cyprium’s previously disclosed estimate for Nifty was based on a review of the estimate disclosed by the former owner of the project at 31 December 2019.

Keep reading...Show less

Spruce Ridge Announces Completion of Dividend-in-kind of Shares of Canada Nickel Company

(TheNewswire)

Spruce Ridge Resources Ltd

Immediately prior to the completion of the Dividend, Spruce Ridge held, directly or indirectly, 8,100,000 CNC Shares, representing on a non-diluted and partially diluted basis approximately 9.15% of the CNC Shares then issued and outstanding. Following the completion of the Dividend, Spruce Ridge held, directly or indirectly, 5,594,995 CNC Shares, representing on a non-diluted and partially diluted basis approximately 6.33% of the CNC Shares then issued and outstanding. As such, Spruce Ridge is no longer an insider of Canada Nickel Company under applicable securities laws.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
black swan project

Black Swan Restart Project Update

Poseidon Nickel (ASX: POS) (“Poseidon”, “the Company”)is pleased to provide its first update on the Black Swan 1.1Mtpa “Fill the Mill” project and the Bankable Feasibility Study process.

Keep reading...Show less
"e-tech resources"

Drilling Underway At Vranso Project, Burkina Faso

Arrow Minerals Limited (Arrow or the Company) is pleased to report a 6,000m reverse circulation (RC) drilling programme has commenced at the Vranso Project, Burkina Faso.

Keep reading...Show less

Latest Press Releases

Related News

×