- Gross Proceeds of $817,250
SUDBURY, ON, May 11, 2017 /CNW/ - Canadian Gold Miner Corp ("CGM") and Transition Metals Corp. (XTM – TSX.V, "Transition" or the "Company") announce that CGM has closed a private placement totaling $817,250 by way of issuance of 5,294,998 units each consisting of a common share and common share purchase warrant exercisable for three years at $0.25 per share at a price of $0.15 per unit, and the issuance of 115,000 flow through eligible shares at a price of $0.20 (the Offering). Concurrent with the financing, CGM has entered into a finders fee agreement with Gravitas Securities Inc. (Gravitas) whereby Gravitas will endeavor to assist CGM to complete additional Flow Through financing of up to $1,000,000 this spring.
The planned use of proceeds includes drilling of the high grade Bjorkman Showing (see news release of February 8, 2017) as well as a robust exploration program on CGM's South Kirkland project area.
Canadian Gold Miner also reports that on April 26, 2017 the Company issued 1,335,000 stock options to its Directors, Officers, Employees and Consultants. The options to purchase common shares of Canadian Gold Miner Corp. have a 5 year term and are exercisable at $0.15.
Separately, Transition Metals reports that on May 2, 2017, it issued 655,000 options to its Directors, Officers, Employees and Consultants. The options to purchase common shares of Transition Metals Corp also have a 5 year term and are exercisable at $0.20.
About Canadian Gold Miner Corp
Canadian Gold Miner Corp. is a Canadian private corporation focused on exploring for gold in the Larder Lake Mining District near Kirkland Lake. The Company was founded by Transition to leverage its data, expertise and extensive portfolio of high quality gold projects. CGM has assembled a dominant land position in excess of 165 square kilometres around the Cadillac Larder, Lincoln-Nipissing and Ridout Structures in the southwestern part of the prolific Abitibi Greenstone belt in Ontario. The Abitibi Greenstone belt is Canada's most prolific gold district located in a stable political jurisdiction with excellent mining infrastructure in place. As a result of the current private placement and other activities, Transition Metals equity ownership in Canadian Gold Miner has decreased from 65% to 50% as a result of the current financing.
About Transition Metals Corp
Transition Metals Corp. (XTM -TSX.V) is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries. The award-winning team of geoscientists has extensive exploration experience in established, emerging and historic mining camps, and actively develops and tests new ideas for discovering mineralization in places that others have not looked, which often allows the company to acquire properties inexpensively. The company has an expanding portfolio that currently includes 25+ gold, copper, nickel and platinum projects primarily in Ontario, Nunavut, Northwest Territories, British Columbia, Saskatchewan and Minnesota that it seeks to advance through funding partnerships and subsidiary companies to maximize shareholder value.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.
SOURCE Transition Metals Corp.
For further information: Additional information about Canadian Gold Miner is available at www.transitionmetalscorp.com or by contacting: Greg Collins, P.Geo., President and CEO, Canadian Gold Miner Corp., Tel: (705) 872-6390; Scott McLean, P.Geo., Chief Executive Officer, Transition Metals Corp, Tel: (705) 669-5090