TIDMCUSN
RNS Number : 2661N
Cornish Metals Inc.
30 May 2022
The following amendment has been made to the 'Issue of shares as
deferred consideration' announcement released on 30/05/2022 at
07:00 under RNS No 1560N.
Admission of the common shares to be issued to Galena and Tin
Shield is expected to occur tomorrow, 31 May 2022 at 08:00.
All other details remain unchanged.
CORNISH METALS ISSUES SHARES AS DEFERRED CONSIDERATION FOR
CORNWALL ASSETS
May 30, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on the South Crofty tin project in Cornwall, United Kingdom,
reports that, further to the Company's news release dated November
3, 2021 , it has received TSX-V approval for the issuance of
20,298,333 common shares ("Milestone 1 Shares" or "Shares") of the
Company to Galena Special Situations Ltd ("Galena") and Tin Shield
Productions Inc ("Tin Shield"). This payment was triggered by the
Company raising funding for the dewatering of South Crofty mine
(see news release dated May 23, 2022 ).
The Milestone 1 Shares represent consideration equivalent to an
amount of US$4,750,000 (C$6,089,500 at a USD / C$ exchange rate of
1.282) at a deemed price of C$0.30 per Share. The Shares are
divided on a ratio of 52.5% to Galena (10,656,625 common shares)
and 47.5% to Tin Shield (9,641,708 common shares) and are subject
to a four month plus one day hold period from the date of issuance,
in accordance with applicable Canadian securities legislation.
As a result of this payment, the remaining deferred
consideration payable to Galena / Tin Shield is US$5,000,000 in
common shares, payable upon a decision made by Cornish Metals to
proceed with the development and/or construction of a mine either
at the South Crofty tin project or at the United Downs
property.
The Shares issued to Galena and Tin Shield will rank pari passu
with the existing common shares of the Company and application was
made on May 26, 2022 for the Shares to be admitted to trading on
AIM ("Admission"). It is expected that Admission will become
effective and dealings in the Shares will commence at 8:00 a.m.
(London Time) tomorrow. The Shares will also trade on the
TSX-V.
Following Admission and taking account of the 100,000 shares
being admitted to trading on AIM on June 1, 2022 in respect of
warrant exercises (refer release dated May 26, 2022 ), Cornish
Metals' Issued and Outstanding share capital will consist of
531,248,490 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.
Market Abuse Regulation 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.
The South Crofty project covers the former producing South
Crofty tin mine located beneath the towns of Pool and Camborne,
Cornwall. The South Crofty mine closed in 1998 following over 400
years of continuous production. The Company has undertaken
extensive pilot-scale water treatment trials and successfully
applied for and received the necessary environmental permits to
abstract, treat and discharge mine water in order to dewater the
mine. Planning permissions for the operation of the mine and
re-development of the surface facilities have been secured and
construction of the water treatment plant foundations commenced.
The dewatering pumps, variable speed drives and new high-voltage
power supply have been delivered to site.
For an updated Mineral Resource Estimate in respect of the South
Crofty Mine, please see the Company's technical report entitled "
South Crofty Tin Project Mineral Resource Update " dated effective
June 7, 2021, a summary of certain portions of which is set out
below:
South Crofty Summary Mineral Resource Estimate
Area Classification Mass ('000 tonnes) Grade Contained Tin / Tin Equivalent ('000 tonnes)
---------------- ------------------- ----------- ---------------------------------------------
Lower Mine Indicated 2,084 1.59% Sn 33
---------------- ------------------- ----------- ---------------------------------------------
Inferred 1,937 1.67% Sn 32
----------------------------- ------------------- ----------- ---------------------------------------------
Upper Mine Indicated 277 1.01% SnEq 3
---------------- ------------------- ----------- ---------------------------------------------
Inferred 493 0.93% SnEq 5
----------------------------- ------------------- ----------- ---------------------------------------------
All technical information contained within this news release has
been reviewed and approved for disclosure by Owen Mihalop, (MCSM,
BSc (Hons), MSc, FGS, MIMMM, CEng), the Chief Operating Officer for
the Company, and a "qualified person" as defined in NI 43-101.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
In UK:
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@blyther
ay .com
Megan Ray megan.ray@blythe ray
.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 the
remaining deferred consideration payable to the Sellers pursuant to
a certain share purchase agreement dated March 16, 2016, as
amended. These forward-looking statements are statements regarding
the Company's intentions, beliefs or current expectations
concerning, among other things, the Company's projections, outlook,
forecast, estimates, plans, potential results of operations or
upcoming work programs, financial condition, prospects, growth,
strategies and the industry in which the Company operates.
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, risk of non-compliance
with planning and environmental permissions / licences, 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; risks associated with the unplanned departure of key
personnel, environmental risks, 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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