Collective Metals Announces Flow Through Financing
VANCOUVER, British Columbia, Nov. 13, 2023 (GLOBE NEWSWIRE) -- COLLECTIVE METALS INC. (CSE: COMT | OTC: CLLMF | FSE: TO1) (the “Company” or “Collective”) is pleased to announce a non-brokered private placement of up to 1,129,033 flow-through units of the Company ("FT Units") at a price of $0.31 per FT Unit for gross proceeds of up to $350,000 (the "Offering"). Each FT Unit will be comprised of one common share of the Company issued on a flow-through basis (each, a "FT Share") and one-half of one share purchase warrant (each whole warrant, a "Warrant"), with each Warrant exercisable to acquire one half non-flow-through common share of the Company (each, a "Warrant Share") at a price of $0.35 per Warrant Share for a period of 24 months from the date of issuance.
The gross proceeds received by the Company from the sale of the FT Units will be used to incur "Canadian exploration expenses" that are "flow-through critical mineral mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's properties located in British Columbia and Ontario.
The closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals. The Company may pay finder's fees in connection with the Offering.
About Collective Metals:
Collective Metals Inc. (CSE: COMT | OTC: CLLMF | FSE: TO1) is a resource exploration company specializing in precious metals exploration in North America. The Company’s flagship property is the Princeton Project, located in south-central British Columbia, Canada, approximately 10 km west of the currently producing Copper Mountain Mine. The Princeton Project consists of 29 mineral tenures totaling approximately 28,560 ha (70,570 acres) in a well-documented and prolific copper-gold porphyry belt and is easily accessible by road, located immediately west of Highway 3.
The Company’s Landings Lake Lithium Project is located in northwestern Ontario where numerous lithium deposits have been delineated to host significant reserves of Li2O. The Landings Lake Lithium Project is located 53 km east of Ear Falls, Ontario and covers 3,146 hectares. The Whitemud Project, with several identified pegmatite outcrops, neighbours the Landings Lake Project and consists of 381 single cell mining claims totaling 7,775 hectares.
ON BEHALF OF COLLECTIVE METALS INC.
Chief Executive Officer
|Collective Metals Inc|
|Collective Metals Inc|
First published on Mon, Nov 13, 2023
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