- Junior exploration company Chilean Metals (CMX) has raised more than C$3 million to fund exploration work at its properties in Chile
- The company issued a total of 30,175,250 units at a price of $0.10 each, consisting of one common share and half of one common share purchase warrant
- Each whole warrant will be exercisable at a price of $0.15 per share for a period of 24 months
- In addition to the exploration work, a portion of the proceeds will be used to repay roughly $600,000 in outstanding bills and roughly $200,000 in outstanding debentures
- Chilean Metals (CMX) is currently steady at $0.14 per share, as of 3:18pm EDT
Junior exploration company Chilean Metals (CMX) has raised more than C$3 million to fund exploration work at its properties in Chile.
Under the terms of the placement, the Toronto-based company issued a total of 30,175,250 units at a price of $0.10 each. These units are comprised of one common share in Chilean Metals and half of one common share purchase warrant.
Each whole warrant will entitle the holder to acquire an additional common share at a price of $0.15, exercisable over a period of 24 months from the date of issuance.
However, should the company’s shares trade at or above a price of $0.30 for a period of 10 consecutive trading days, the expiry date of the warrants may be brought forward.
As consideration for their services, participating brokers were paid a total of $162,512 in cash and issued 1,505,120 broker warrants. These warrants will be exercisable at a price of $0.10 per share for a period of 24 months.
In addition to the proposed exploration and drilling work at the company’s targets in Chile, a portion of the proceeds will also be used to repay roughly $600,000 in outstanding bills and roughly $200,000 in outstanding debentures.
Terry Lynch, CEO of Chilean Metals, said the additional capital will allow the company to move forward with its drill programs in the fourth quarter of 2020 and the first quarter of 2021, and to explore new opportunities.
“We believe mining markets are turning and believe now is the time to engage,” he said.
Chilean Metals (CMX) is currently steady at $0.14 per share, as of 3:18pm EDT.