Constantine Metal Resources Ltd. is pleased to announce that it plans to conduct a non-brokered private placement of up to approximately 8.5 million units of Constantine at a price of $0.23 per Unit to raise gross proceeds of up to $1,955,000 . Each Unit will be comprised of one common share in the capital of the Company plus one common share purchase warrant . Each Warrant will entitle the holder thereof to …
Constantine Metal Resources Ltd. (TSXV: CEM) (OTCQX: CNSNF) (“Constantine” or the “Company”) is pleased to announce that it plans to conduct a non-brokered private placement of up to approximately 8.5 million units of Constantine (the “Units”) at a price of $0.23 per Unit to raise gross proceeds of up to $1,955,000 (the “Offering”). Each Unit will be comprised of one common share in the capital of the Company (a “Share”) plus one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of $0.30 per Share for a period of two years from the date of closing of the Offering (the “Closing Date”).
Proceeds from the Offering will be used for exploration expenditures for the Big Nugget Gold project and the Bouse project exploration in Arizona later in the year, new project acquisitions and general corporate purposes.
Closing of the Offering is subject to the receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities to be issued pursuant to the Offering will be subject to a statutory hold period in Canada of four months and one day following the Closing Date.
About the Company
Constantine is a mineral exploration company led by an experienced and proven technical team with a focus on the Palmer copper-zinc-silver-gold-barite project being advanced as a joint venture between Constantine and Dowa Metals & Mining Co., Ltd., with Constantine as operator. A positive preliminary economic assessment was completed on the Palmer project in 2019 at conservative metal prices relative to today’s markets. This year’s Palmer joint venture budget announced in late March, 2021 is US$8.8 million and includes up to 6000 meters of diamond drilling.
In 2020, the 100% owned Big Nugget Gold project, located 8 kilometers east of our flagship Palmer Joint Venture Project, was recognized as a potential gold lode source area, immediately upstream from the +80,000 ounce Porcupine Gold Placer operations and is as an attractive drill target opportunity.
In May 2021, Constantine announced the acquisition of the Bouse Property in southwest Arizona, that will be explored for its copper-gold potential (see news release NR#186-21).
Management is committed to providing shareholder value through discovery, meaningful community engagement, environmental stewardship, and responsible mineral exploration and development activities that support local jobs and businesses.
On Behalf of Constantine Metal Resources Ltd.
For further information, please visit the Constantine website at www.constantinemetals.com, or contact:
Garfield MacVeigh, President
Phone: +1 604 629 2348
Forward looking statements: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively “forward looking statements”).” Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Offering and the proposed use of proceeds for acquisition of new projects and exploration expenditures. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/88396
News Provided by Newsfile via QuoteMedia