Full Metal Minerals Provides Update on Private Placement and Corporate Update
October 8, 2020
(FMM 2020 NR #3)
Full Metal Minerals Provides Update on Private Placement
and Corporate Update
Vancouver, BC – October 8, 2020 – Full Metal Minerals Ltd. (FMM -TSX:V) (“Full Metal” or the
“Company”) announces that, further to its press release disseminated on April 20, 2018 , the Company’s
previously announced non-brokered private placement of up to 15,625,000 common shares at a price of
C$0.08 per share for gross proceeds of up to C$1.25 million (the “Financing”) is continuing to proceed
and is anticipated to close in due course.
The Company initially announced the Financing in connection with the now terminated transaction
involving the Puhipuhi gold project (see the Company’s press release dated November 29, 2019).
Consequently, although the Company has received subscriptions und er the Financing , closing has been
delayed. As previously announced, the Company has since entered into an option agreement pursuant to
which it has the option to earn a 60% interest in the Olivine Mountain property (the “ Property”) in the
Similkameen Mining Division, British Columbia (see the Company’s press releases dated February 26,
2020 and July 31, 2020). Accordingly, the Company now intends to close the Financing in due course in
connection with the option to earn an interest in the Property.
The previously announced use of proceeds from the Financing will be altered and it is now anticipated that
the proceeds will primarily be allocated towards exploration expenses, project evaluation and due diligence
related to the Property, along with general and administrative expenses and working capital. Completion of
the Financing is subject to acceptance by the TSX Venture Exchange.
Corporate Update
The Company is also pleased to announce that, further to the Company’s press release dated
November 19, 2019, the management services agreements (the " Agreements") entered into in July 2011
between Full Metal and company controlled by the President and Chief Executive Officer and the Corporate
Secretary of the Company have been further amended.
Prior to these amendments, the services agreements provided for a change of control payment if within 72
months following a "change of control" the contractor's engagement is terminated by the Company without
good cause or the contractor resigns. The amendments extend the 72 month period to 84 months. For further
information regarding the Agreements and change of control payments, see the information circular dated
September 12, 2014, the Company's subsequently filed information circulars on the Company's profile o n
-2-
SEDAR, and the Company’s October 14, 2015, October 19, 2016, October 23, 2017, April 20, 2018,
October 19, 2018, April 18, 2019 and November 19, 2019 press releases.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael Williams"
Michael Williams
President/CEO and Director
For more information please contact:
Michael Williams
604-484-7855
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Telephone: 604-484-7855 Fax: 604-484-7155
Email [email protected]
www.fullmetalminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward -Looking Statements: This press release includes certain forward -looking
statements and forward -looking information (together, “forward -looking statements”). All statements other than
statements of historical fact included in this release, including, without limitation, statements regarding, the Financing
and other future plans and objectives of the Company are forward -looking statements. There can be no assurance
that such statements will prove to be accurate and actual results and future events may vary from those anticipated in
such statements. Important risk factors that could cause actual results to differ materially from the Company's plans
or expectations include failure to obtain TSX Venture Exchange acceptance of the Financing and failure to raise
sufficient funds on the proposed terms or at all. The forward-looking statements in this press release were developed
based on the assumptions and expectations of management, including that TSX Venture Exchange acceptance for the
Financing will be obtained, required fundraising will be compl eted, the other assumptions disclosed in this press
release and that the risks described above will not materialize. There can be no assurance that the Financing will
complete. The Company expressly disclaims any intention or obligation to update or revi se any forward -looking
statements whether as a result of new information, future events or otherwise, except as otherwise required by
applicable securities legislation.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such jurisdiction, including the United States. The
securities referenced in this press release have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold
within the United St ates or to, or for the account or benefit of, a "U.S. person," as such term is defined in
Regulation S under the U.S. Securities Act, unless an exemption from such registration requirements is available.