BC MOLY Announces Receipt of Certain Escrowed Proceeds
BC MOLY ANNOUNCES RECEIPT OF CERTAIN ESCROWED PROCEEDS
Vancouver, British Columbia – September 2, 2022 – BC Moly Ltd. (“BC Moly” or the “Company”) (NEX:
BM.H) is pleased to announce today that certain holders of subscription receipts of the Company have
exchanged (the “Partial Exchange ”) an aggregate of 3,028,788 subscription receipts (the “Partial
Exchange Receipts”), purchased for $0.165 per Partial Exchange Receipt (the “Issue Price”), in advance
of the satisfaction by the Company of certain escrow release conditions (the “Escrow Release
Conditions”). The Partial Exchange resulted in the release from escrow of an aggregate of $499,750 (plus
interest, if any, earned thereon) to the Company.
The Partial Exchange Receipts constitute a portion of the subscription receipts issued and sold under the
non-brokered private placement of subscription receipts of the Company that closed on April 13, 2022 (the
“Private Placement ”). The Private Placement consist ed of the issuance of 3,910,606 conventional unit
subscription receipt s (“Conventional Unit Subscription Receipts ”), and 2,150,000 flow -through unit
subscription receipts (“Flow-Through Unit Subscription Receipts” and together with the Conventional
Unit Subscription Receipts, the “Subscription Receipts”) for aggregate gross proceeds of $1,000,00 0 at
the Issue Price . Upon closing of the Private Placement, the gross proceeds of $1,000,000 (the “Escrow
Proceeds”), was placed into escrow pending the satisfaction and/or waiver of the Escrow Release
Conditions. Each Conventional Unit comprised one common share in the capital of the Company (each, a
“Common Share”) and one Common Share purchase warrant (each, a “Underlying Warrant”), with each
Underlying Warrant exercisable for the purchase of one Common Share at a price of $0.22 per Common
Share for a period of five years. Each Flow-Through Unit comprised one Common Share, which qualifies
as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “Flow-Through
Share”) and one Underlying Warrant.
The Partial Exchange was approved by the requisite majority of the holders of the Subscription Receipts.
The Company intends to use the funds received for “Canadian exploration expenses” that are “flow-through
mining expenditures” (as such terms are defined in the Income Tax Act (Canada)), fees associated with the
Company’s planned up-listing to the TSX Venture Exchange (“TSXV”), and general corporate purposes.
Following the completion of the Partial Exchange, an aggregate of $500,250 remains in escrow. All terms
and conditions, including the Issue Price, of all outstanding Subscription Receipts remains unchanged.
In connection with the Partial Exchange, two “related parties”, for the purposes of Multilateral Instrument
61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), were issued an
aggregate of 900,000 Common Shares and 900,000 Underlying Warrants. The issuance of these securities
to such related parties constitutes a “related party transaction” for the purposes of MI 61-101. The Company
is relying on exemptions from the formal valuation and minority shareholder approval requirements
available under MI 61 -101. The Partial Exchange is exempt from the formal valuation and minority
shareholder approval requirements of MI 61 -101 (pursuant to subsection 5.5(b) and 5.7(1)(b)) as the
Company is not listed on the markets specified in MI 61 -101 and neither th e fair market value of the
securities distributed to, nor the consideration received from interested parties exceeded $2,500,000.
About BC Moly Ltd.:
BC Moly Ltd. is a Canadian mineral exploration company focused on the development of its Storie Property
molybdenum deposit. The Storie Property is situated about 6 km southwest of Cassiar, British Columbia.
Cassiar is located 15 km (by paved road) west of Highway 37 which provides access to Watson Lake,
Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this release.
Additional Information
David D’Onofrio
BC Moly Ltd.
Chief Executive Officer and Director
416.643.3880
Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities
laws. Any statements that are contained in this news release that are not statements of historical fact may
be deemed to be forward -looking statements. Forward -looking statements are often identified by terms
such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of
these terms and similar expressions. Forward -looking statements in this news release include but are not
limited to: the Company utilizing the use of proceeds as outlined herein and the ability of the Company to
meet the Escrow Release Conditions.
Forward-looking statements are based on certain assumptions regarding the Company, including expected
growth results of operations, performance, continued approval of the Company’s activities by the relevant
governmental and/or regulatory authorities, industry trends, the Company utilizing the use of proceeds as
outlined herein and the Company meeting the Escrow Release Conditions. While the Company considers
these assumptions to be reasonable, based on information currently available, they may prove to be
incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements also necessarily involve known and un known risks, including, without
limitation, risks associated with general economic conditions; adverse industry events; marketing costs;
loss of markets; future legislative and regulatory developments; inability to access sufficient capital from
internal and external sources, and/or inability to access sufficient capital on favourable terms; income tax
and regulatory matters; competition; the inability of the Company to meet the Escrow Release Conditions;
the Company not utilizing the use of proceeds as out lined herein; and other risks. Readers are cautioned
that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the plans, intentions or expectations upon
which they are placed will occur. Such information, although considered reasonable by management at
the time of preparation, may prove to be incorrect and actual results may differ materially from those
anticipated. Forward -looking statements containe d in this news release are expressly qualified by this
cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change
thereafter. The Company disclaims any intention or obligation to update or revise any forward -looking
statements, whether as a result of new information, future events or otherwise, except as required by law.
This news release has been approved by the board of directors of the Company. Factors that could cause
anticipated opportunities and actual resu lts to differ materially include, but are not limited to, matters
referred to above and elsewhere in the Company’s public filings and material change reports that will be
filed in respect of the Private Placement, which are and will be available on SEDAR.