C3 Metals Announces Effective Date of Previously Announced Share Consolidation
C3 Metals Announces Effective Date of
Previously Announced Share Consolidation
Toronto, Ontario--(Newsfile Corp. - December 18, 2023) -
C3 Metals Inc.
(TSXV: CCCM) (OTCQB:
CUAUF) ("
C3 Metals
" or the "
Company
") announces that further to its news release dated November
1, 2023, the Company has received approval from the TSX Venture Exchange (the "
TSXV
") for its 1:13
share consolidation (the "
Consolidation
").
The Consolidation will be effective at market open on
December 19, 2023.
The Company will continue to trade under the symbol "CCCM" on the TSXV and
under the symbol "CUAUF" on the OTC Markets.
Dan Symons, President and CEO, continued:
"We are undertaking a share consolidation from a
position of strength.
We have been providing positive drill results from our Bellas Gate project in
Jamaica leading up to this consolidation.
After closing an oversubscribed and upsized private
placement of $8.05 million on November 15, 2023, we believe we are in an excellent position to
continue to gain momentum through a well-funded and expanded drill program in Jamaica.
Cleaning
up the share structure is important to attract new institutional investors.
With our recent positive
exploration results, combined with the news flow we expect to generate from a well-funded and
extended exploration program, we believe it is the right time to consolidate our share structure since
we are doing so from a position of strength."
As a result of the Consolidation, the number of outstanding common shares ("
Common Shares
") of the
Company will be reduced from 804,504,235 to approximately 61,884,941, subject to adjustment for
rounding.
No fractional shares will be issued in connection with the Consolidation.
If a holder of shares
would otherwise be entitled to a fraction of a share, then the number of post-consolidation shares
issuable to such shareholder shall be rounded down to the next lower whole number.
Each shareholder's
percentage ownership in the Company and proportionate voting power will remain unchanged after the
Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional
shares.
No cash consideration will be paid in respect of fractional shares.
The exercise or conversion
price and/or the number of shares issuable with respect to any of the Company's outstanding convertible
securities will be proportionately adjusted in connection with the Consolidation.
Common Shares held in uncertificated form by non-registered shareholders through brokerage accounts
will be converted at the consolidation ratio through each shareholder's brokerage account. Non-
registered shareholders should consult with their broker for further information.
A letter of transmittal
describing the process by which registered shareholders may obtain new certificates representing their
consolidated Common Shares has been mailed to registered shareholders by the Company's transfer
agent TSX Trust Company.
All registered shareholders will be required to send their share certificates,
along with a properly executed letter of transmittal, to TSX Trust Company, in accordance with the
instructions provided in the letter of transmittal.
A copy of the letter of transmittal has been posted on the
Company's issuer profile on SEDAR+ at www.sedarplus.ca.
The Company's new CUSIP is 22945L402 and ISIN is CA22945L4029.
For additional information, contact:
Dan Symons
President and CEO
+1 416 716 6466
ABOUT C3 METALS INC.
C3 Metals Inc. is a mineral exploration company focused on creating substantive value for its
shareholders through the discovery and development of large copper and gold deposits.
The Company
is actively exploring in Jamaica where it has identified 16 porphyry and 40 epithermal prospects over a
30km strike extent across its 20,700 hectare exploration licences package.
Mining is currently the
second largest industry in Jamaica, and historical mining dates back to the colonial eras of the 1500s
(Spanish) and 1800s (British).
The Company also holds approximately 24,000 hectares located in the
prolific high-grade Andahuaylas-Yauri Porphyry-Skarn belt of Southern Peru.
Mineralization at
Jasperoide is hosted in a similar geological setting to the nearby major mining operations at Las
Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore).
At Jasperoide, the Company has
identified over 15 skarn prospects and an outcropping porphyry system over two parallel 28km belts.
The Company has published a maiden resource estimate on the first of these skarn targets, which
contained Measured & Indicated Resources of 52Mt at 0.5% copper and 0.2 g/t gold.
Related Link:
www.c3metals.com
.
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.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These
statements relate to future events or future performance. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify forward-looking information and are based on
the Company's current belief or assumptions as to the outcome and timing of such future events. Actual
future results may differ materially. In particular, this release contains forward-looking information relating
to, among other things, the exploration operations of the Company and the timing. Those assumptions
and factors are based on information currently available to the Company.
Although such statements are
based on reasonable assumptions of the Company's management, there can be no assurance that any
conclusions or forecasts will prove to be accurate.
While the Company considers these assumptions to be reasonable based on information currently
available, they may prove to be incorrect. Forward looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks inherent in the exploration and development of
mineral deposits, including risks relating to changes in project parameters as plans continue to be
redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral
prices and the worldwide demand for and supply of minerals, risks related to increased competition and
current global financial conditions, access and supply risks, reliance on key personnel, operational risks,
and regulatory risks, including risks relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks.
The forward-looking information contained in this release is made as of the date hereof, and the
Company is not obligated to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly qualify any forward-looking information
contained herein.
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https://www.newsfilecorp.com/release/191472