Toronto, ON / ACCESSWIRE / March 26 2014 / Chilean Metals Inc. ("Chilean Metals" or the "Company") (TSX.V:CMX), is pleased to announce it intends to complete a non-brokered private placement on a best efforts basis of up to 12,000,000 units, each unit consisting of one common share and one half of a common share purchase warrant ("Unit") at a price of $0.10 per Unit for total gross proceeds of up to $1,200,000 (the "Offering") subject to TSX Venture Exchange approval. Each whole common share purchase warrant ("Warrant") shall entitle the holder to acquire one common share of the Company at a price of $0.15 per share for a period of 12 months following the date of closing of the Offering.
"We had indicated that after we closed the sale of Copaquire that we would do this financing to provide working capital for our 2014 plans. We expect many of the debenture holders who have been repaid with a portion of the proceeds of the Copaquire sale to participate along with current and some new shareholders and we would expect to close this offering in April 2014 subject to the approval of the TSX Venture Exchange. Our immediate next step is to continue to explore our 100% owned Tierra De Oro ("TDO") property. Historically we have spent over $5 million on exploring numerous gold veins on the property, but not on exploration for more economically-significant IOCG (iron oxide-copper-gold) deposits. Our VP of Exploration Chris Hodgson, has reviewed previous exploration data and identified three large, untested and near-surface IOCG targets on TDO. Chris is now onsite in Chile reviewing technical details and meeting with interested parties. Discussions are ongoing with potential joint venture partners on a farm-out deal that we expect will lead to additional drilling on the project later this year" commented CEO Terry Lynch
Chilean Metals Inc. owns six 100%-owned properties comprising over 50,000 acres strategically located in the prolific IOCG ("Iron oxide-copper-gold") belt of Chile. Three of these projects are under review by third parties for possible purchase or joint venture.
ON BEHALF OF THE BOARD OF DIRECTORS OFChilean Metals Inc.
Terry Lynch, CEO
Contact: [email protected]
Forward-looking Statements: This news release may contain certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements.
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.