Transition Metals Corp. Closes Previously Announced Private Placement
Transition Metals Corp. Closes Previously
Announced Private Placement
Sudbury, Ontario--(Newsfile Corp. - November 25, 2024) - Transition Metals Corp. (TSXV: XTM)
("
Transition"
or the "C
ompany"
) is pleased to announce that it has closed its previously announced
non brokered private placement (the "
Offering
"), (see news release dated
November 20, 2024
).
The
Offering consisted of 3,999,998 Critical Flow Through Shares (the "
CFT Shares
") at a price of $0.075
per CFT Share for proceeds of $299,999.85.
A finder's fee was paid in connection with the Offering to finders that included Mine Equities Ltd. and
Castlewood Capital Corporation ("
Castlewood"
) (together, the "
Finders
"), that consisted of a cash fee
in the aggregate of $18,000, representing an aggregate commission of 6% of the CFT Shares sold to
investors introduced by the Finders.
In addition, a total of 160,000 compensation warrants
("
Compensation Warrants
") were issued to Castlewood representing 6% of the CFT Shares sold to
the investor introduced by Castlewood.
The Compensation Warrants permit Castlewood to purchase of
one common share ("
Common Share
") in the capital of the Company at a price of $0.10 per Common
Share for a period of 18 months from closing of the Offering.
Proceeds from the Offering will be used to explore and advance critical minerals properties in Ontario
(Saturday Night PGM) and the Yukon (Pike Warden Au-Ag-Cu).
All securities issued in connection with
the Offering, including any Common Shares issued upon exercise of the Compensation Warrants, are
subject to a four-month restricted resale period that expires on March 26, 2025, and subject to all
necessary approvals, including the approval of the TSX Venture Exchange.
About Transition Metals Corp
Transition Metals Corp (TSXV: XTM) is a Canadian-based, multi-commodity explorer.
The 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.
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 regulations, 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) 667-6178
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.
THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS,
IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT
REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/231351