Central Timmins Announces Flow-Through and Non-Flow-Through Financing
/NOT FOR DISTRIBUTION TO
The FT Offering will consist of up to 2,800,000 common shares in the capital of the Company (the "Flow-Through Shares") that qualify as flow-through shares for purposes of the Income Tax Act (
The gross proceeds of the FT Offering will be used to fund exploration expenditures on the Silver Reef Property (see News Release of
The FT Offering will close on completion of documentation and is conditional upon receipt of all necessary regulatory approvals, including the approval of the
The NFT Offering will consist of up to 3,000,000 non-flow-through units (the "Units") at a price of
The NFT Offering will close on completion of documentation and is conditional upon receipt of all necessary regulatory approvals, including the approval of the Exchange. The proceeds of the NFT Offering will be used to fund exploration expenditures and for general corporate purposes.
The Private Placement will be offered to accredited investors in all Provinces of
The Company anticipates that insiders will subscribe for Flow-Through Shares and Units. The issuance of Flow-Through Shares and Units to insiders is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the participation in the private placement by the insiders will not exceed 25% of the fair market value of the company's market capitalization. A material change report in connection with the Private Placement will be filed less than 21 days before the closing of the Private Placement. This shorter period is reasonable and necessary in the circumstances as the Company wishes to complete the Private Placement in a timely manner
CTEC is an early-stage Canadian junior exploration company focused on precious metals exploration and development.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Private Placement and the Company's expectations, strategies and plans for the Silver Reef Property, BAM Property and Todd Creek Property including the Company's planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's final prospectus dated
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.