Canadian Metals cancels Option agreement with FeTiV and 2 directors resign
Canadian Metals Inc. CSE: CME
Canadian Metals cancels option agreement with FeTiV Minerals Inc.
and announces resignation of two directors
November 1 5, 2019 - Montréal, Québec. - Canadian Metals Inc. (“CME” or the
“Company”) (CSE: CME) announces the termination of the previously announced option
agreement (the “ Option Agreement ”) with FeTiV Minerals Inc. (“ FMI”), a private
exploration company which owns an 80% undivided interest in the Mouchalagane, Silicate
Lake, Seignelay, Lac Robot and Baie-Trinité iron projects (the “Iron Projects”), located in
the Province of Québec, with CME owning the remaining 20% undiv ided interest. (see
news release dated July 8, 2019 for more information on the initial announcement and short
description of the Iron Projects – see news release dated October 16, 2019 for more information
on the amended agreement).
Rational Behind the Decision to Cancel the Option Agreement
In July 2019, the Company approved the Option Agreement based on continuing the
initiated technical due diligence on the Mouchalagane and Silicate Lake properties. In
addition, during the summer of 2019 the iron or e markets were experiencing a supply
shortage which had a favourable impact on iron prices. In October 2019, an amendment
to the Option Agreement was negotiated regarding the payment terms of the initial
agreement in an effort to relieve financing pressur e and deadlines. CME expected to
benefit from the favourable market window, unfortunately markets have since
softened and no longer support the values of the Option Agreement. As a result, the
Company has advised FMI that it has elected to terminate the Option Agreement, as
amended, effective immediately.
The Company also announce s the resignation, effective immediately, of Mr. Stephane
Leblanc as a Director of the Company. Mr. Leblanc is continuing his involvement with the
Company as Vice-President Development.
The Company also announces the resignation effective immediately, of Mr. Louis Dionne
as a Director of the Company.
About Canadian Metals Inc.
Canadian Metals is a diversified resource company focused on creating shareholder value
through the development of large-scale mineral deposits in specific commodities and safe
jurisdictions.
For more information, please contact:
Gérald Panneton
Chairman & CEO
Email: [email protected]
Patsie Ducharme
Chief Financial Officer
Email: : [email protected]
Website: www.canadianmetalsinc.com
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of
this release.