Angel Wing Metals Announces Closing of an Oversubscribed and Upsized Private Placement Financing of ~$2 Million
Angel Wing Metals Announces Closing of an
Oversubscribed and Upsized Private
Placement Financing of ~$2 Million
TSXV: AWM
WWW.ANGELWINGMETALS.COM
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE
UNITED STATES
/
(All dollar amounts are in Canadian. dollars unless otherwise specified)
TORONTO
,
Dec. 16, 2024
/CNW/ -
Angel Wing Metals Inc.
(TSXV: AWM) ("
Angel Wing Metals
"
or the "
Company
") announces it has completed its previously announced non-brokered private
placement ("Private Placement") for 40,680,000 Units at a price of
$0.05
per Unit for gross
proceeds of
$2,034,000
.
As announced previously, each Unit of the Private Placement consists of one common share (a
"Common Share") of the Company and one-half Common Share Purchase warrant (a "Half
Warrant"). Two Half Warrants comprise one Common Share purchase warrant (a "Full Warrant") of
the Company. Each Full Warrant will be exercisable for a period of 24 months from the date of issue
(the "Full Warrant Share") at a price of
$0.10
per Full Warrant Share.
The Company plans to use proceeds of the Private Placement towards diamond drilling at its
La
Reyna
project in
Mexico
, as well as for general corporate purposes.
'We are pleased to have closed this oversubscribed financing and to initiate the first ever drill
program on
La Reyna
. We are grateful for the support shown by our current shareholders, Board
and new shareholders in raising the proceeds needed to enable us to advance the Project more
aggressively," commented
Marc Prefontaine
,
Angel Wing's
CEO. "The surface and geophysical work
completed to date has identified several high priority and high probability targets. A drill contract has
been secured and the drill Is expected to arrive at the project during the first week of
January 2025
to complete an Initial phase drill program of up to approximately 2000 metres. A press release
providing further details on the drill program will be provided when the drill arrives on site."
Certain directors and an officer of the Company, (the "Related Parties") participated in and
subscribed for 3,200,000 units for an aggregate price of
$160,000
. As a result, the Private
Placement constituted a "related party transaction" within the meaning of Policy 5.9 of the TSX
Venture Exchange and Multilateral Instrument 61- 101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company relied on the exemptions under sections 5.5(a),
5.5(b) and 5.7(1)(a) of MI 61-101 in respect of the formal valuation and minority shareholder
approval requirements in respect of the Related Party's participation in the Private Placement under
MI 61-101, as (i) the Company is not listed or quoted on any of the stock exchanges or markets
listed in subsection 5.5(b) of MI 61-101, and (ii) as at the closing of the Private Placement, neither
the fair market value of the Common Shares issued in connection with the Private Placement, nor the
fair market value of the consideration received by the Company therefor, insofar as it involved the
Related Party, exceeded 25% of the Company's market capitalization.
The Company paid finder's fees to certain arm's-length third parties consisting of a cash commission
of up to 7% of the gross proceeds of the Private Placement for an aggregate amount of
$40,005
and up to 7% in finder warrants at the same terms of warrants issued as part of the Private
Placement for an aggregate of 800,100 finder warrants. A statutory four month plus one day hold
period from the date of issuance applies to all securities issued in connection with the Private
Placement. The Private Placement remains subject to final approval of the TSXV and applicable
securities regulatory authorities.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV:AWM) is focused on the exploration and development of its portfolio of
precious metals properties in Mexico and Canada . The Company's flagship La Reyna Project covers
106.89 km2 in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the
state of Nayarit, Mexico .
Angel Wing Metals is committed to sustainable and responsible exploration and business activities in
line with industry best practices, supportive of all stakeholders, including the local communities in
which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com
.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
Marc Prefontaine
President & CEO
Email:
Neither 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.
Forward-Looking Information
:
This news release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation. All statements, other than statements of
historical fact, included herein are forward-looking information. Generally, forward-looking
information may be identified by the use of forward-looking terminology such as "plans", " expects"
or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases, or by the use of
words or phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this news release contains forward-
looking information
regarding:
TSX Venture Exchange acceptance of the Private Placement; market
acceptance and approvals; and use of proceeds
.
There can be no assurance that such forward-
looking information will prove to be accurate, and actual results and future
events could differ
materially from those anticipated in such forward-looking information. This forward-looking
information reflects Angel Wing Metals' current beliefs and is based on information currently
available to Angel Wing Metals and on assumptions Angel Wing Metals believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance, or achievements of Angel Wing
Metals to be materially different from those expressed or implied by such forward-looking
information. Such risks and other factors may include, but are not limited to: general business,
economic, competitive, political and social uncertainties; general capital market conditions and
market prices for securities; delay or failure to receive board or regulatory approvals; the actual
results of future operations; competition; changes in legislation, including environmental
legislation, affecting Angel Wing Metals; the timing and availability of external financing on
acceptable terms; and lack of qualified, skilled labor or loss of key individuals. A description of
additional assumptions used to develop such forward-looking information and a description of
additional risk factors that may cause actual results to differ materially from forward- looking
information can be found in Angel Wing Metals' disclosure documents on the SEDAR+ website at
www.sedarplus.ca
. Although Angel Wing Metals has attempted to identify important factors that
could cause actual results to differ materially from those contained in forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further
cautioned not to place undue reliance on forward-looking information as there can be no
assurance that the plans, intentions, or expectations upon which they are placed will occur.
Forward-looking information contained in this news release is expressly qualified by this
cautionary statement. The forward-looking information contained in this news release represents
the expectations of Angel Wing Metals as of the date of this news release and, accordingly, is
subject to change after such date. However, Angel Wing Metals expressly disclaims any intention
or obligation to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly required by applicable securities law.
SOURCE
Angel Wing Metals Inc.
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For further information:
Katherine Pryde, Investor Relations, Tel: 646-354-9375, Email:
CO: Angel Wing Metals Inc.
CNW 17:30e 16-DEC-24