TORONTO, ON / ACCESSWIRE / June 11 2014 / Chilean Metals Inc. ("Chilean Metals" or the "Company") (TSX.V:CMX), is pleased to announce it has completed a non-brokered private placement for 8,512,000 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 $851,200 (the "Offering") subject to TSX Venture Exchange final approval. The Company received TSX Venture Exchange conditional acceptance for this private placement on May 2, 2014. 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 until June 11, 2015. A finder's fee of $4,200 was paid to an agent. Additionally, the Units are subject to the standard hold period of four months and one day from the date of issuance.
"The proceeds will be used to advance the company's exploration projects, for general working capital and to enable us to list on the OTC market in the USA. The Canadian capital markets still are not favorable for junior resource companies and we feel broadening our investment appeal by enabling our stock to be traded in the United States makes a great deal of sense at this time," commented Chilean Metals CEO Terry Lynch.
With the private placement completed the Company also has appointed Daniel Crandall from Marrelli Support Services Inc. as its Chief Financial Officer replacing James Albrecht. "James served the company well helping us through the Copaquire transaction and the repositioning of company and we wish him well in his new Financial Services sector position," commented Terry Lynch. This change enables the Company to save on overhead dollars while still meeting its reporting obligations.
The Company also announces that the Board has granted stock options to purchase an aggregate of 2,000,000 common shares of the Company to certain members of management and certain directors under the terms of the Company's Stock Option Plan subject to TSX Venture Exchange approval. The options are exercisable at a price of $0.25 per common share and expire in 5 years.
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 OF
Chilean 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.
SOURCE: Chilean Metals Inc.