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The Canadian Chrome Company Inc. (CSE: CACR,OTC:KWGBF) (CSE: CACR,OTC:KWGBF.A) (formerly KWG Resources Inc.) ("CCC", "KWG" or the "Company") is pleased to announce a proposed private placement of flow-through shares and its continuing support in the development of the Muketi Village and Aerodrome business unit of the Marten Falls First Nation to provide year-round access and accommodation for the exploration work in the Ring of Fire and its continuing support for the indigenous communities in and along the route to the Ring of Fire for transportation, electrification and other services for the First Nations and their communities.
Proposed Private Placement
The Company is pleased to announce a proposed private placement of up to 12,500,000 Multiple Voting Shares at a price of $2.00 per share issued as flow-through shares pursuant to the provisions of the Income Tax Act (Canada) for gross proceeds of up to $25,000,000 (the "Flow-through Offering").
Each subscriber must be an "accredited investor" within the meaning of applicable securities laws or otherwise qualify to purchase Multiple Voting Shares on a prospectus-exempt basis in accordance with applicable securities laws.
The gross proceeds are proposed to be used for a large drilling program at the Black Horse Project starting in early 2026 to be launched from Muketi Village, to confirm CCC's belief that the very large targets illustrated by the deep-penetrating magneto telluric geophysical survey completed by CCC in 2022 is the fault offset twin of the Black Thor, which, if correct, would vastly improve CCC's opinion of the magnitude of the Black Horse discovery. The proposed drilling program will be undertaken pursuant to an exploration permit, Exploration Permit PR-23-000242, received by CCC from the Ministry of Mining, with the unanimous consent/support of all nine First Nations in the area, for the conduct of further drilling at the Black Horse Project (see news release September 23, 2023).
This news release shall not constitute an offer to sell nor the solicitation of an offer to buy securities.
Muketi Village and Airstrip
The Muketi Village, which is proposed to be the launching site for the Company's proposed drilling program, was created fast on the heels of the initial chromite discovery in the Ring of Fire in 2007. At that time, Wilderness North, Thunder Bay's largest outfitting enterprise, collaborated with CCC and the Chief and Council of Marten Falls First Nation ("MFFN") in the creation of Marten Falls Logistics as a business unit of the Marten Falls First Nation, to provide year-round access and accommodation for the exploration work anticipated to follow from the chromite discovery in the Ring of Fire. The enterprise was conceived of as Muketi Village and Aerodrome. A nearby Esker Camp was built for the same purpose by Freewest Mining Ltd. as a more temporary facility without the business benefits proposed for MFFN by Wilderness North and CCC. MFFN Chief Harry Baxter was an enthusiastic proponent of the development of Muketi Village, as was his successor, Chief Elijah Moonias, and his successor in turn, incumbent Chief Ambrose (Bruce) Achneepineskum.
For many years CCC has been supportive of, and actively engaged in supporting, indigenous communities in and along the route to the Ring of Fire in the development of transportation, electrification and other services for their communities. That effort has included (i) proposing the establishment of a ports authority for better accessing financial support from the federal government and (ii) proposing the transfer of its subsidiary's claims and aggregate permit applications along the transportation and utility corridor between Nakina and the Ring of Fire to a trust or other entity for a transportation and electrification enterprise owned and used for the benefit of the First Nations in the area, including electrification connections from the Ontario Power Grid to connect several of those communities, to deliver secure, less expensive, less limited and more environmentally friendly supplies of electricity.
About The Canadian Chrome Company Inc.
The Canadian Chrome Company Inc. is an exploration stage company that is focused on identification, acquisition, consolidation, exploration, development and evaluation of large-scale deposits of minerals including chromite in the Ring of Fire, as well as other base metals and strategic minerals and, where applicable, in the development of transportation and electrification links to access remote areas where these deposits may be located.
For further information, please contact:
Bruce Hodgman, Vice-President: 416-642-3575 ~ info@canadachrome.com
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and CCC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Disclaimer: Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
Not for distribution to U.S. newswire services or for release, publication, distribution or dissemination, directly or indirectly, in whole or in part, into the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263937
