Chibougamau Independent Mines Announces Financings
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Chibougamau Independent Mines Announces Financings
ROUYN-NORANDA, QUÉBEC - Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1 -Frankfurt,
Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US) announces that it will
effect a private placement of a maximum of 2,758,620 “flow-through” common shares at a price of $0. 145 per
share for maximum gross proceeds to Chibougamau of $ 400,000. Chibougamau will use the proceeds from the
“flow-through” private placement for exploration on certain of its properties in Québec.
Chibougamau also announces that it will effect a private placement of a maximum of 4,050,000 common shares at
a price of $0.10 per share for maximum gross proceeds to Chibougamau of $ 405,000. Chibougamau will use the
net proceeds from this private placement for working capital.
Closing of the private placements is expected to take place by December 31, 2022. The private p lacements are
subject to approval by the TSX Venture Exchange.
It is expected that two directors of Chibougamau ( collectively, the “Insiders”) will purchase an aggregate of
1,200,000 common shares to be issued at $0.1 0 per share for total consideration of $120,000. The issuance of
shares to the Insiders will constitute a related party transaction but will be exempt from the formal valuation and
minority approval requirements of Multilateral Instrument 61 -101 - Protection of Minority Security Holders in
Special Transactions as the fair market value of the shares to be issued to the Insider s does not exceed 25% of
Chibougamau’s market capitalization. Chibougamau does not expect to file a material change report with respect
to the participation of the Insider s at least 21 days prior to the expected closing date of the private placement as
the Insiders’ participation was only recently determined and closing of the private placement is expected to take
place shortly.
Neither the TSX Venture Exchange nor its Regula tion Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
We Seek Safe Harbour.
CUSIP Number 167101 203
LEI 529900GYUP9EBEF7U709
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Chibougamau Independent Mines Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
www.chibougamaumines.com
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known
and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from
the Company’s expectations and projections. A more detailed discussion of the risks is available under “disclaimer” on the Company’s website.
Press Release
December 13, 2022
55 576 570 shares issued and outstanding