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Chilean Metals (TSXV:CMX) has updated its non-brokered private placement

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The company is looking to raise gross proceeds of up to $3 million from the placement of up to 30 million units priced at $0.10 per unit. The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.15 for 24 months, subject to an acceleration clause.

Additional Information:

Company: Chilean Metals
Website: http://www.ChileanMetals.com
Stock Symbol: TSXV: CMX
Date Published: Aug 13, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Chilean Metals has updated its non-brokered private placement.

The company is looking to raise gross proceeds of up to $3 million from the placement of up to 30 million units priced at $0.10 per unit.

The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.15 for 24 months, subject to an acceleration clause.

Existing shareholders of record on August 7th are also eligible to participate in the financing.

The shares are currently trading at $0.09.

Funds will be used to advance exploration and drilling on targets in Chile, to acquire additional properties, to repay outstanding bills of approximately $400,000, outstanding debentures of approximately of $700,000 and to provide working capital.

Terry Lynch, CEO, stated: "Chilean believes now is the time to complete the previously announced financing. Approximately $500,000 has been raised under that financing and advanced to the Company and we expect most if not all of the debenture repayment will be reinvested in this round. The additional capital will enable us to move forward with our drill program in Chile and to look at additional opportunities. We believe mining markets are turning and believe now is the time to engage.”

Chilean Metals is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific Iron oxide-copper-gold belt of northern Chile.

At the Tierra De Oro-Chancheo gold-copper-moly property, the company initiated a review and a report from the leading Artificial Intelligence firm Albert Mining to review the data and assist in selecting drill targets.

The company expects to select targets by end of August and to drill on targets in September.

At Zulema, the company’s stated plans are to finish geophysics and target additional drilling in the second half of the year.

The company also owns a 3% NSR royalty interest on any future production from the Copaquire copper-moly deposit, a property with 2 NI 43-101 Resources, recently sold to a subsidiary of Teck Resources Inc.

The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's First Region.

Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million at any time.

For more information, please visit the company’s website at www.ChileanMetals.com, contact Terry Lynch, CEO, by email at terry@ChileanMetals.com.

I’m Cassandra Bolinski for Investmentpitch Media