(TheNewswire)
Vancouver, BC / TheNewswire / August 31, 2017 - CMC Metals Ltd. - ("the Company") (TSX-V: CMB) - is pleased to announce that it has closed its Flow-Through private placement as announced pursuant to its June 1, 2017 and June 27, 2017 press releases. The financing closed with the issuance of 5,000,000 units priced at $0.10 per Unit, each Unit comprising of one common share and one transferable share purchase warrant. Each transferrable warrant will be exercisable into one additional, non-flow-through common share at $0.12 per share for a one-year period. The warrants granted pursuant to this placement have an acceleration clause on exercise, for exercise to a 30-day period from the seventh calendar day after the Company's shares have closed with a trading price of $0.20 per share for a consecutive ten-day period. The financing has closed with TSX Venture Exchange approval, and fully funds the summer 2017 drilling program at the Company's 100% owned Silver Hart silver-zinc-lead property in the Yukon, which was conducted per terms of a Class 1 Notification under an Allowance to Proceed granted by the Mineral Resources Branch of the Yukon Department of Energy, Mines and Resources. The drilling program, completed in July, comprised 14 holes and 843m of drilling. Core samples have been submitted to a certified laboratory for assay. Results are anticipated in early September. Additional core results from the 2010 drill program will also be assayed and released at the same time.
The Silver Hart Property is located in the Rancheria district, YT, Canada. The program was executed by Longford Exploration of Vernon, BC. Holes targeted the M, KL, and TM zones. Drilling was designed to confirm and infill historic results and extend known mineralization. Fourteen holes were completed to depths ranging from 43m to 79m. One hole was vertical and the remaining were inclined, ranging from -45o to -70o. Drilling was completed by Paycore Drilling of McBride, BC utilizing a low-impact track mounted diamond drill rig.
The Company further wishes to announce that it has reserved 2,000,000 incentive stock options under the Company's rolling stock option plan. The options are exercisable at a price of $0.09 cents per share and set to expire on August 29, 2019.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offer potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. CMC hold a 50% interest in the Radcliff Gold property (formerly the World Beater Mine) in California located 9 Miles (14 km) north of the Briggs Gold Mine in the Panamint range in Inyo County, Southwestern California. The Radcliff covers 1,654 acres (670 Ha) comprising 10 patented claims, 5 unpatented mill sites and 84 unpatented mine claims. The Company's Silver Hart Property is a Silver-Lead-Zinc asset located in the Yukon, 132 km west of Watson Lake, and covers 2,200 hectares and 116 Contiguous and partial claims.
On behalf of the Board:
"Michael C. Scholz"
________________________________
CMC METALS LTD.
For further information please contact Mr. Michael Scholz at Tel: 604-605-0166 email: info@cmcmetals.ca
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.
"This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding anticipated receipt of assay results in early September comprises forward looking information. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 securities legislation."
Copyright (c) 2017 TheNewswire - All rights reserved.