Chilean Metals Closes $3 Million Financing
Chilean Metals Closes $3 Million Financing
Toronto, ON. September 29 , 2020. Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”)
(TSX.V:CMX, SSE:CMX, MILA: CMX) has completed a non brokered private placement of $3,017,525 dollars .
The proposed financing resulted in the issuance of 30,175,250 units at $.10 per unit. Each unit is comprised of
one common share of the Company (a “Common Share”) and one half of one common share purchase warrant
(a “Warrant”), with each whole Warrant exercisable into a common share of the Company (a “Warrant Share”)
at an exercise price of $0.15 per Warrant Share for a period of 24 months from date of closing of this offering.
The Warrants will be subject to an accelerated expiry date if at any time after January 31, 2021, the Company’s
common shares have a closing price equal to or greater than $0.30 per common share for ten (10) consecutive
trading days on the TSX Venture Exchange, the Company shall thereafter be entitled to give notic e to the
holders of the CMX Warrants, by news release, that such Warrants will expire at 5:00 p.m. (Vancouver time)
on that date which is 20 days after the date of such news release unless exercised before the expiry of that
period.
Participating brokers were paid a commission of 8% and provided a broker warrant entitling them to acquire
8% of the amount invested for a period of 24 months. A total of $162,512 in fees were paid and 1,505,120
broker warrants were issued giving the brokers the right to purcha se a Common Share for $.10 for the next
two years. The TSXV has granted conditional approval of the private placement.
Funds will be used to advance exploration and drilling on targets in Chile, to acquire additional properties, to
repay outstanding bills of approximately $600,000, outstanding debentures of approximately of $200,000 and
to provide working capital.
“The additional capital will enable us to move forward with our drill program in Chile in Q4 2020 and Q1 2021
and to look at additional opportunities. We believe mining markets are turning and believe now is the time to
engage” commented Chilean CEO Terry Lynch.
About Chilean Metals,
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold
prospects in Chile and Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in
the prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest
on any future production from the Copaquire Cu -Mo deposit, recently sold to a subsidiary of Teck
Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of
the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing
Quebrada Blanca copper mine in Chile’s First Region.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: [email protected]
Forward-looking Statements: This news release may contain certain statements that may be deemed
"forward-looking statements". All statements in this release, other than statements of historical fact, that
address events or developme nts that CMX expects to occur, are forward looking statements. Forward -
looking statements are statements that are not historical facts and are generally, but not always, identified
by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements in this document include statements regarding current and future exploration
programs, acti vities and results. Although CMX believes the expectations expressed in such forward -
looking statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in forward-looking statements. Factors that
could cause the actual results to differ materially from those in forward-looking statements include market
prices, exploitation and exploration success, continued availability of capital and financing, inability to
obtain required regulatory or governmental approvals and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and actual results
or developments may differ materially from those projected in the forward-looking statements.
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.