Chibougamau Independent Mines Announces $1 Million “Flow-Through” Financing
08 Décembre 2020 - 5:29PM
Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada,
CLL1-Frankfurt, Stuttgart and Lang & Schwarz Stock Exchanges in
Germany, CMAUF-OTC in the US) announces that it will
effect a non-brokered private placement of a maximum of
5,882,352 “flow-through” common shares at a price of $0.17 per
share for maximum gross proceeds to Chibougamau of $1 million.
Chibougamau will use the proceeds from the “flow-through” private
placement for exploration on certain of its properties in Québec.
Chibougamau also announces that it will effect a
private placement of 357,142 common shares at a price of $0.14 per
share for gross proceeds to Chibougamau of $50,000. Chibougamau
will use the net proceeds from this private placement for working
capital.
Closing of the private placements is expected to
take place on or about December 22, 2020. The private
placements are subject to approval by the TSX Venture Exchange.
It is expected that a director of Chibougamau
(the “Insider”) will purchase the
357,142 common shares to be issued at $0.14 per share for
total consideration of $50,000. The issuance of shares to the
Insider will constitute a related party transaction but will be
exempt from the formal valuation and minority approval requirements
of Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions as the fair market value of the
shares to be issued to the Insider does not exceed 25% of
Chibougamau’s market capitalization. Chibougamau does not expect to
file a material change report with respect to the participation of
the Insider at least 21 days prior to the expected closing
date of the private placement as the Insider’s participation was
only recently determined and closing of the private placement is
expected to take place shortly.
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 the release.
We Seek Safe Harbour. |
CUSIP Number 167101 203 LEI 529900GYUP9EBEF7U709 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir. President & CEO Chibougamau
Independent Mines Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada
J9X 2J1 |
Tel.: 819.797.5242 Fax: 819.797.1470
info@chibougamaumines.comwww.chibougamaumines.com |
Forward Looking Statements
Except for historical information this News Release may
contain certain “forward looking statements”. These statements may
involve a number of known and unknown risks and uncertainties and
other factors that may cause the actual results, level of activity
and performance to be materially different from the Company’s
expectations and projections. A more detailed discussion of the
risks is available under “disclaimer” on the Company’s
website.
48,370,042 shares issued and
outstanding
Chibougamau Independent ... (TSXV:CBG)
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