Chilean Metals Inc. Announces Financing
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Chilean Metals Inc. Announces Financing
Toronto, ON. May 25th 2017. Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”)
(TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA: CMX).
Chilean Metals announces today that it intends to complete a private placement of $1,500,000
through the issuance of 10,000,000 units. Each unit will cost $.15 and will comprise of one share
and one half of one share purchase warrant. One purchase warrant and $.20 will enable holder to
acquire another share of common stock at anytime until June 1 2019 subject to companies ability to
accelerate the warrants should stock trade above $.30 for a prescribed period of time. The Company
will close on approximately $1,000,000 in current subscriptions a nd expects balance to be
completed shortly. All securities issued under the private placement will be subject to a four-month
hold period in accordance with applicable securities laws. The issue is non -brokered however
participating brokers will be paid a fee of 8% and have an ability to acquire an additional 8% of
units sold for a period of one year from date of issuance. An ov erallotment of $500,000 has been
reserved.
Patrick Cruickshank Chilean CEO commented “ Completion of this p lacement will enable us to
continue exploration on our Zulema project. The first phase of drilling is near completion and we
have identified IOCG style mineralization in drill holes. After consulting with our Technical
Advisor, Minotaur Exploration Ltd. (Australia), we believe the program will benefit from additional
geophysical work including close spaced gravity, deep penetrating Induced Polarization and
possibly magnetic surveying. After this work, we are planning an additional 2000-3000 metre drill
program this fall.”
In addition to the completion of drilling in Zulema, the company is readying a summer drill program
on its Bass River project in Nova Scotia with JV partner Tejas Gold. “At Bass River, a ground Pulse
Electro-Magnetic (PEM) survey will be completed over the Castlereagh VTEM target defined in a
2015 airborne survey conducted by Geotech Ltd. The survey resul ts will be provided to Minotaur
Exploration Ltd. who will model and prioritize the drill targets. A 2000 + meter drill program will
follow. The targets are an extension of the mineralized system intersected in a 2015 drill program
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located southwest of the Castlereagh VTEM anomaly. ” commented Cruickshank. Details of
Chileans Nova Scotia Exploration program will be announced in the coming weeks.
Chilean Metals will require regulatory approval to complete the private placement.
About Chilean Metals
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper
Gold prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties compri sing 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.
Chilean Metals Inc is the 100% owner of four Copper Gold exploration properties in Nova Scotia
on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn
and Bass River respectively. Initial targeting and geophysics has been conducted on all properties,
At Bass River North, airborne geophysics identified a major VTEM cluster on trend with the
Pb/Zn/Ag mineralization exposed at surface and in drill holes to the southwest. Modeling of the
airborne data by Minotaur (Australia) identified 3 priority targets recommended for ground based
geophysics prior to drilling.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Patrick Cruickshank”
Patrick Cruickshank, CEO
Contact: [email protected]
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43 -101, is Gary
Lohman, P. Geo., Vice President, Exploration.
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 developments 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 stat ements in this document include statements
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regarding current and future exploration programs, activities and results. Although CMX believes
the expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements a re 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, expl oitation 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.