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Private Placement: Comstock Metals Ltd. (TSXV:CSL)

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For the flow-through units, the company is looking to raise gross proceeds of up to $1,265,000 from the placement of up to 11,500,000 units priced at $0.11 per unit. For the non flow-through units, the company is looking to raise gross proceeds of up to $517,500 from the placement of up to 5,750,000 units priced at $0.09 per unit. Both units will consist of 1 share and 1 warrant, with the warrants exercisable at $0.15 for 24 months.

Additional Information:

Company: Comstock Metals Ltd.
Website: http://www.comstock-metals.com
Stock Symbol: TSXV: CSL
Date Published: Mar 12, 2021
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Comstock Metals Ltd. plans to raise gross proceeds of up to $1.5 million from a combination of flow-through and non flow-through unit non-brokered private placements.

For the flow-through units, the company is looking to raise gross proceeds of up to $1,265,000 from the placement of up to 11,500,000 units priced at $0.11 per unit.

For the non flow-through units, the company is looking to raise gross proceeds of up to $517,500 from the placement of up to 5,750,000 units priced at $0.09 per unit.

Both units will consist of 1 share and 1 warrant, with the warrants exercisable at $0.15 for 24 months.

The proceeds will be used to fund exploration on the company’s Preview SW gold deposit and general working capital.

The shares are currently trading at $0.095.

Comstock Metals is advancing its 100% owned Preview SW Gold Project, a resource-stage gold project located 40 kilometres north of La Ronge, Saskatchewan, which the company acquired in 2016.

The 853 hectare property hosts 7 known gold zones along a greater than 3.5 kilometre structural trend.

In 2016, a NI 43-101 Mineral Resource Estimate was produced based on 136 holes.

Using a 0.50 grams per tonne cut-off, the Preview SW deposit hosts Indicated Mineral Resources containing 158,300 ounces of gold from 2.6 million tonnes grading 1.89 grams per tonne, and Inferred Mineral Resources containing 270,800 ounces of gold from 5.7 million tonnes grading 1.48 grams per tonne.

During 2017 and 2018, Comstock completed diamond drilling campaigns targeting the Preview North zone and the Preview SW deposit comprising 24 holes totaling 4,700 metres.

Selected drill intercepts from the Preview North Zone are shown in this table, including 3.25 metres averaging 87.16 g/t starting at 41.15 metres, and 16.7 metres averaging 5.08 g/t starting at 23.3 metres.

Management believe significant potential remains to expand the Preview North Zone with additional drilling, with 2,500 metres planned following the closing of the private placement.

Several additional, relatively untested targets remain on the property, including the A, B, C, and Clearwater zones

For more information, please visit the company’s website at www.comstock-metals.com, contact Steven H. Goldman, President and CEO, at 416-917-1533 or by email at s.goldman@GoldmanHine.com.

I’m Cassandra Bolinski for Investmentpitch Media