BeMetals Closes $4.8 Million Private Placement

BeMetals Corp. has successfully closed its previously announced non-brokered private placement. The company issued 48,406,000 units at $0.10 per unit, raising $4,840,600 in total gross proceeds. Each unit consists of one common share and one-half share purchase warrant.

The funds will be directed towards field operations and exploration drilling at the Pangeni Copper Project in Zambia. John Wilton, President and CEO, expressed satisfaction with the support from B2Gold, existing shareholders, and new investors. The exploration will focus on expanding copper mineralization at the D-Prospect in the Zambian Copperbelt.

B2Gold, a related party, contributed 22,000,000 units for $2.2 million, increasing their stake to 24.5%. Other insiders subscribed for $812,500, making part of the private placement a "related party transaction". The company utilized exemptions from Multilateral Instrument 61-101 for this transaction.

Cash finder's fees of $95,280 were paid to Haywood Securities Inc. and Canaccord Genuity Corp. Proceeds will also support general corporate purposes. BeMetals further announced issuing 3,088,600 shares to fulfill a $225,000 milestone payment under an earn-in agreement for the Pangeni Project.