Transition Metals Corp. Closes $1,000,000 Private Placement
Transition Metals Corp. Closes $1,000,000
Private Placement
Sudbury, Ontario--(Newsfile Corp. - June 19, 2023) - Transition Metals Corp. (TSXV: XTM)
("
Transition
" or the "
Company
") is pleased to announce that it has closed its previously announced
non-brokered, listed issuer financing exemption private placement. A total of
9,770,750
units were
issued, for proceeds of
$1,000,014
which included
1,897,000
units (the
"Units"
) at a price of $0.08 per
Unit for gross proceeds of $
151,760
;
4,250,000
flow through units (the
"FT Units"
) at a price of $0.10
per FT Unit for aggregate proceeds of $
425,000
and;
3,623,750
special flow through units in the capital
of the Corporation (the "
Special
FT Units
") at a price of $0.1168 per Special FT Unit for aggregate
proceeds of $
423,254
(collectively, the "
Private Placement
"). Units, FT Units and Special FT Units
consist of a common share (each a
"Common Share"
) and a half (½) common share purchase
warrant.
Each full warrant will entitle the holder to purchase one additional Common Share for a period of
24 months from closing at a price of $0.15.
A finder's fee was paid in connection with the Offering to finders that include Haywood Securities Inc.,
Sherbrooke Street Capital Inc. and Accilent Capital Management Inc. (Collectively the "
Finders"
), that
consisted of cash fees in the aggregate amount of $28,800, representing an aggregate commission of
6% of the Private Placement sold to investors introduced by Finders. In addition, a total of 324,750
broker warrants have been issued to the Finders.
Each broker warrant will entitle the holder to purchase
a Common Share for a period of 24 months from closing at a price of $0.15.
Proceeds from the Units will be used for exploration and working capital purposes and the proceeds of
the FT Units and Special FT Units will be used for exploration expenditures that qualify as Canadian
Critical Metals Exploration Expenses.
Certain officers and directors of the Company participated in the private placement, which constitutes a
"related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101").
Such participation is exempt from the valuation and
minority approval requirements of MI 61-101 by virtue of the fact that the Company is not listed on a
specified market set out in section 5.5(b) of MI 61-101 and the value of Units subscribed for by such
officers and directors is less than $2,500,000 in accordance with the requirements of section 5.7(b) of MI
61-101.
About Transition Metals Corp
Transition Metals Corp. (TSXV: XTM) is a Canadian-based, multi-commodity explorer. Its award-winning
team of geoscientists has extensive exploration experience which actively develops and tests new ideas
for discovering mineralization in places that others have not looked, often allowing the company to
acquire properties inexpensively. Joint venture partners earn an interest in the projects by funding a
portion of higher risk drilling and exploration, allowing Transition to conserve capital and minimize
shareholder's equity dilution
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes
"forward-looking information" within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects",
"believes", "may", "will" and include without limitation, statements regarding estimated capital and
operating costs, expected production timeline, benefits of updated development plans, foreign exchange
assumptions and regulatory approvals. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from such statements. Factors that could
cause actual results to differ materially include, among others, metal prices, competition, risks inherent in
the mining industry, and regulatory risks. Most of these factors are outside the control of the Company.
Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether as a result of new information, future
events or otherwise.
Further information is available at
www.transitionmetalscorp.com
or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-1777
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.
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