The Company reserves the right to increase the size of the Offering by up to 25%, subject to the approval of the
Offering Details
Each Hard Dollar Unit shall be comprised of one common share of the Company and one common share purchase warrant (each a 'Warrant'). Each FT Unit shall be comprised of one common share of the Company that will qualify as a 'flow-through share' (within the meaning of subsection 66(15) of the Income Tax Act (
Each Warrant shall entitle the holder to purchase one common share of the Company at an exercise price of
The gross proceeds of the CMETC FT Units will be used to fund further exploration programs on, but not limited to, the
The gross proceeds of the FT Units will be used to fund further exploration programs on, but not limited to, the Golden Baie property claims, incurring expenditures that will qualify as 'Canadian Exploration Expenses' as defined in the Income Tax Act (
The Company will not pay any finders' fees in cash or securities in connection with the Offering. The Offering is subject to the receipt of all required regulatory approvals including the approval of the Exchange. All securities issued and issuable pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '
Proposed Management Changes
Upon completion of the Offering and subject to all required regulatory approvals, the Company intends to appoint
In addition, the Company announces the retirement of
The lead order in the Offering will come from funds controlled by J. Paul Austin III. In connection with the Offering, Mr.
About
Contact:
President & CEO
Tel: 1-647-247-8715
Email: rob@canstarresources.com
Web: www.canstarresources.com
Cautionary Statement
This News Release includes certain 'forward-looking statements' which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the intention to complete the Offering, the changes in management and the expected expenditure of the proceeds of the Offering, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the inability to receive TSXV approval for the Offering and settle definitive documentation, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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