TIDMCUSN
RNS Number : 0060N
Cornish Metals Inc.
27 May 2022
CORNISH METALS
CORNISH METALS ANNOUNCES EXERCISE OF WARRANTS AND ISSUE OF
EQUITY
May 27, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on its projects in Cornwall, United Kingdom, announces the exercise
of warrants for 100,000 common shares without par value at a price
of 7 cents per common share in the share capital of the Company
("New Shares") for an aggregate consideration of C$7,000
(GBP4,300).
The New Shares will rank pari passu with the existing shares and
application has been made for the 100,000 New Shares to be admitted
to trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the New Shares will commence at
8:00am on or around June 1, 2022. The New Shares will also trade on
the TSX Venture Exchange.
Following Admission, Cornish Metals' Issued and Outstanding
share capital will consist of 510,950,157 shares. The Company does
not hold any shares in treasury. Shareholders may use this figure
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the Company.
Following the issue of the New Shares, the Company's outstanding
stock options and warrants are as set out in the table below:
Number of Exercise Number
shares Price exercisable Expiry date
---------- ------------ ------------ ------------- -----------------
Options 1,400,000 $ 0.20 1,400,000 November 3, 2022
5,150,000 0.10 5,150,000 August 19, 2025
Warrants 1,350,000 $ 0.07 1,350,000 February 3, 2023
2,072,222 0.10 2,072,222 November 9, 2022
225,000,000 0.45(1) 225,000,000 May 24, 2025
========== ============ ============ ============= =================
Note:
(1) As announced by the Company in a news release dated May 23,
2022, the exercise price of these warrants is 27p for non-Canadian
investors or C$0.45 for Canadian investors.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended .
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin
and United Downs copper / tin projects, plus additional mineral
rights located in Cornwall, UK, in July 2016 (see Company news
release dated July 12, 2016 ). The additional mineral rights cover
an area of approximately 15,000 hectares and are distributed
throughout Cornwall. Some of these mineral rights cover old mines
that were historically worked for copper, tin, zinc, and
tungsten.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
SP Angel Corporate
Finance LLP
(Nominated Adviser
& Joint Broker) Tel: +44 203 470 0470
Richard Morrison
Charlie Bouverat
Grant Barker
Hannam & Partners
(Joint Broker) Tel: +44 207 907 8500
Matthew Hasson
Andrew Chubb
Ernest Bell
BlytheRay
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheweigh.com
Megan Ray megan.ray@blytheweigh.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
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 .
Caution regarding forward looking statements
This news release contains "forward-looking statements"
including, but not limited to, statements in connection with
Admission, the trading of the New Shares on the TSX Venture
Exchange and the Company's issued and outstanding securities.
Forward-looking statements, while based on management's best
estimates and assumptions at the time such statements are made, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to receipt of regulatory approvals, risks related to
general economic and market conditions; risks related to the
COVID-19 global pandemic and any variants of COVID-19 which may
arise; risks related to the availability of financing; the timing
and content of upcoming work programs; actual results of proposed
exploration activities; possible variations in Mineral Resources or
grade; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining
industry; changes in national and local government regulation of
mining operations, tax rules and regulations.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
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END
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