CMC Metals Ltd. Announces Closing of Tranche 1 of Private Placement

CMC Metals Ltd. has announced the closing of the first tranche of its non-brokered private placement, approved by the TSX Venture Exchange. On June 26, 2024, the company issued 2,782,143 non-flow through Units (NFT Units) at $0.035 per unit and 1,000,000 flow-through Units (FT Units) at $0.04 per unit. The total gross proceeds amounted to $137,375.

Each NFT Unit comprises one common share and one warrant; each FT Unit includes one common share and a half warrant. All issued warrants are exercisable at $0.07 per share for two years. Company President Kevin Brewer subscribed for 1,600,000 units in this tranche, representing a significant insider participation.

The proceeds from FT Units will be used for Canadian exploration expenses, while funds from NFT Units will support general working capital. The issued units are subject to a four-month hold period.