- 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.