Welcome!

News Feed Item

Canadian Metals Inc. Announces Brokered and Non Brokered Private Placements Consisting of Flow Through Shares and Debentures

MONTREAL, QUEBEC -- (Marketwired) -- 12/07/17 -- Canadian Metals Inc. (The "Company") (CSE:CME)(CSE:CME.CN)(CNSX:CME) is pleased to announce that it has entered this day into an engagement letter (the "Engagement Letter") with Leede Jones Gable Inc. (the "Agent") pursuant to which the Agent has agreed to act as lead manager, on a commercially reasonable effort basis, of a proposed offering of unsecured convertible 10% debentures (the "Debentures") and Flow-Through shares (each a "FT Share") of the Company to raise gross proceeds of up to a maximum of $1,750,200 by way of private placement pursuant to applicable exemptions from the prospectus requirements (the "Brokered Private Placement").

The Brokered Private Placement consists of (i) the issuance of up to $1,000,000 aggregate principal amount of convertible unsecured subordinated debentures due December 31, 2022, bearing a 10% interest per annum (the "Interest") payable semi annually on June 30 and December 31 of each year, the Interest being payable in cash or in common shares of the Company, at the sole discretion of the Company, and convertible into common shares of the Company at a minimum price of $0.20 per common share; and (ii) the issuance of up to 6,820,000 FT Shares at a price of $0.11 per FT Share for gross proceeds of $750,200.

The Brokered Private Placement is made on a private placement basis in the Provinces of Quebec, Ontario, British Columbia and any other jurisdiction mutually agreed upon by the Company and the Agent.

Pursuant to the terms of the Agency Agreement to be entered by the Company and the Agent, the Agent shall be paid a fee equal to 8% of the first $500,000 gross proceeds received from the sale of Debentures, and 7% on the remaining gross proceeds received by the Company from the sale of Debentures sold pursuant to the Brokered Private Placement. Similarly, the Company shall pay to the Agent a fee equal to 8% of the first $500,000 gross proceeds received from the sale of FT Shares, and 7% on the remaining gross proceeds received by the Company from the sale of FT Shares sold pursuant to the Brokered Private Placement.

The Company will also grant to the Agent, broker warrants (the "Broker Warrants") entitling the Agent to purchase that number of common shares of the Company equal to 8% of the total number of common shares underlying the Debentures and FT Shares sold under the Brokered Private Placement. The Broker Warrants will be exercisable for a period of 24 months, at a price $0.15 per common share.

Concurrently with the Brokered Private Placement, the Company also contemplates to complete non-brokered offerings (the "Non-Brokered Private Placements"), on a private placement basis, consisting of (i) the issuance of units of the Company issued at a price of $0.075 per unit (each a "Unit"), each Unit being comprised of one common share in the share capital of the Company and one common share purchase warrant (each a "Warrant"), each Warrant entitling its holder to purchase one common share of the Company at a price of $0.15 per common share for a period of 24 months from the closing date for gross proceeds up to $300,000; and (ii) the issuance of FT Shares in the share capital of the Company at a price of $0.11 per FT Share for gross proceeds up to $300,000.

Debentures and or common shares of the Company issued as a result of conversion of the Debentures, FT Shares and Warrants issued pursuant to the Brokered Private Placement and the Non-Brokered Private Placements are subject to a statutory four months and a day hold period.

The net proceeds of the sale of the Brokered Private Placement and the Non-Brokered Private Placements will be used by the Company to develop its Langis Project and for general working capital purposes.

About Canadian Metals

Canadian Metals is focused on the development of its Langis Project, a high-purity silica deposit located in the province of Quebec. The Company is rapidly positioning itself as a supplier of high purity silica and silicon alloy in North America. Silicon based materials can be formulated to provide a broad range of products from more durable, faster building materials with smarter electronic devices, solar panels and more efficient wind turbines. We expect to become a global supplier for a number of industries and applications but without limitation: glass, ceramics, lighting, oil and gas, paint, plastic and rubber. We also want to become an integrated supplier to metallurgical industries including foundries, and participate in a wide range of civil, industrial, environmental and related applications. These target markets are an integral part of the lives of millions of people every day.

Website: www.canadianmetalsinc.com

Cautionary Statements Regarding Forward-Looking Information

Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions or results, including in connection with the pre-feasibility study, its financing, the hybrid flex project, job creation, the investments to complete the project and the potential performance, production and environmental footprint of the silicon plant, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate" or "future" or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Corporation's continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Corporation and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Canadian Metals Inc.
Hubert Vallee
President and CEO
[email protected]

Canadian Metals Inc.
Stephane Leblanc
Chief Investment Officer
[email protected]
www.canadianmetalsinc.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.