CMX Regrets TSXV Decision to Halt Trading
CMX Regrets TSXV Decision to Halt Trading
Toronto, ON. August 27, 2018 . Chilean Metals Inc. (“Chilean Metals,” “CMX” or the
“Company”)(TSX.V:CMX, OTCQB: CMETF, SS E:CMX, MILA:CMX, FRA: IVV1, BER :
IVV1). On August 27 th Investment Industry Regulatory Or ganization of Canada (“IIROC”)
halted the trading in the shares of Chilean Meta ls on the TSXV at the request of the TSXV due
to “Pending Review of Compliance with Exchange Requirements”.
As disclosed in the Company’s previous news releases, the Company ha s been trying to seek
Exchange approval for its previous private plac ement. The Company’s clarifying news release
of July 9, 2018 was issued at the behest of the Exchange (and received approval of the Exchange
as to its contents) and the Company has been tr ying to obtain Exchange approval since then.
While the Company acknowledges it did not file a Form 4B prior to closing as required by
Exchange policies, its failure to file was the result of an inadvertent error. When notified the
Company quickly complied and filed the appropria te paperwork and all additional Exchange
requests for documentation and information, which were more detailed and lengthy than required
in usual financing situations.
The Exchange punishment for failing to file the private placement properl y is to remove voting
rights of our investors. This is not a conseq uence the Company believe is merited in this
circumstance, and as noted in our press releas e of August 24, 2018, we a ppealed the Exchange’s
decision to the BC Securities Commission. Further, the Exchange has prevented us from closing
further private placements, which has constrained our ability to raise equity financing and carry
on our business. Somewhat ironically, the Exchange approved various other transactions in late
July (a shares for debt and pr operty transaction) so it seems somewhat incongruous that these
were approved after the Exchange apparently had so many concer ns with our private placement
error.
“We regret the Exchange decision to halt trading. We have an honest fundamental difference of
opinion that we have tried over the last m onth to work out. Now given no common ground was
available we took the decision to the BC Securiti es Commission. We believe this trading halt is
unnecessary but respect that the Exchange can de termine such sanctions if it feels merited.”
commented Terry Lynch, Chilean CEO. “The Board felt that it was in the best interests of the
Company to take all steps available to it, to ensure all of its shareholders have the right to vote.
We apologize to our shareholders that they are impacted by the trading halt which is an
unfortunate outcome at present.”
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% ow ner of five properties comprisi ng 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 fo r $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 five Copper Gold C obalt exploration properties in
Nova Scotia on the western flank of the Cobequ id-Chedabucto Fault Zone (CCFZ); Fox River,
Parrsboro, Lynn, Economy and Bass River Nort h respectively. It has also optioned two
additional projects Trident at Bass River and Economy East. Chilean Me tals is exploring,
analyzing and drilling these properties in the summer of 2018.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: [email protected]
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Mick
Sharry, M.Sc. Consultant
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 statements in
this document include statements regarding curre nt and future exploration programs, activities
and results. Although CMX believes the expecta tions expressed in su ch forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materia lly 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 an d exploration success, con tinued availability of
capital and financing, inability to obtain requ ired regulatory or govern mental approvals and
general economic, market or business conditi ons. Investors are cautioned that any such
statements are not guarantees of future perfor mance 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 Provid er (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.