VANCOUVER, Feb. 20, 2019 /CNW/ - Boreal Metals Corp.
("Boreal" or the "Company") (TSXV:BMX) is pleased to
announce it has closed its non-brokered private placement
previously announced on January 30,
2019. Due to increased demand, the previously announced
private placement was increased from approximately 10,526,316 to
17,060,934 units of the Company ("Units") at a price of
$0.095 per Unit for gross proceeds of
approximately $1,620,000.
"We want to especially thank EMX Royalty for their constant
support of our exploration efforts," stated Karl Antonius, CEO
and President. "EMX's participation, along with management and
insiders, has accounted for a significant part of this financing,
recognizing the importance of our drilling results and bringing
focus to the opportunity our shareholders may have in front of
them."
Each Unit consists of one common share and one warrant, with
each warrant being exerciseable for one additional common share at
a price of $0.15 for a period of 24
months from the date of issue. All securities issued under the
private placement will be subject to statutory hold periods
expiring four months and one day from the issue date. The TSX
Venture Exchange has conditionally approved the private placement,
subject to customary final filings.
In connection with the private placement, the Company paid
certain arm's length finders, finders' fees totalling $18,240 and 120,800 Units.
The proceeds of the private placement will support current
exploration and further drilling at the Company's Gumsberg property
and for general working capital purposes.
About Boreal Metals Corp.
Boreal is a mineral exploration company focused on the discovery
of Zinc, Copper, Silver, Gold and Cobalt deposits in exceptional,
historical mining project areas spanning Sweden and Norway. The Company aims to
discover new economic mineral deposits in known mining districts
that have seen little or no modern exploration techniques. The
Company is led by an experienced management team and technical
team, with successful track records in mineral discovery, mining
development and financing.
On behalf of Boreal Metals
Corp.
Karl Antonius, President
Neither 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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed
"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. Although Boreal believes
the expectations expressed in such forward‐looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward‐looking statements. Such material risks and
uncertainties include, but are not limited to, Boreal's ability to
raise sufficient capital to maintain its mineral tenures and
concessions in good standing, to explore and develop its projects,
to repay its debt and for general working capital purposes; changes
in economic conditions or financial markets; the ability of Boreal
to obtain the necessary permits and consents required to explore,
drill and develop the projects and if obtained, to obtain such
permits and consents in a timely fashion relative to Boreal plans
and business objectives for the projects; the general ability of
Boreal to drill test its projects and find mineral resources; if
any mineral resources are discovered or acquired, the Company's
ability to monetize any such mineral resources; and changes in
environmental and other laws or regulations that could have an
impact on the Company's operations. Forward‐looking statements are
based on the reasonable beliefs, estimates and opinions of Boreal
management on the date the statements are made. Except as required
by law, Boreal undertakes no obligation to update these
forward‐looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
SOURCE Boreal Metals