Bishop Mill Update – Increase and Closing of $0.05 Unit Private Placement
VANCOUVER, BC / ACCESSWIRE / June 4, 2015 / CMC Metals Ltd. (the "Company") wishes announce that on May 31, 2015 the Company submitted the final documentation required by the Lahontan Water Board in regards to the Company's Bishop Mill facility. The final document consists of a Preliminary Closure and Post-Closure Maintenance Plan (PCPMP) for the Bishop Mill (WDID No. 6B140505002). The PCPMP addresses the eventual closure of the waste management unit, site reclamation, and post-closure maintenance activities at the Bishop Mill in accordance with 27 CCR 22510 and Waste Discharge Requirements (Board Order No.R6V-2011-0048) issued by the Lahontan Water Board. The PCPMP is the last major hurdle to commissioning the Bishop Mill and the Company is working diligently with Lahontan in the approval process.
The Company further wishes to announce that it has increased its originally announced 10,000,000 Unit private placement as announced pursuant to its April 15, 2015 press release, to 10,160,000 Units on the same terms and conditions as set out in the referenced release and has closed the placement. The Units remain at $0.05 per Unit with each Unit consisting of one common share and one transferable share purchase warrant. Each one warrant will be exercisable for one additional common share at $0.06 per share for a two year period. The proceeds derived from the total 10,160,000 Unit private placement will be used to continue the Company's operations at the Bishop Mill and Radcliff projects held in the United States. A finder's fee is payable pursuant to this placement by way of cash and broker's warrants equal to 8.5% of the total raised by the finder, being a total of $13,175 in cash and 263,500 in broker's warrants issued on the same terms and conditions as the Units.
On behalf of the Board:
"Jack Bal" __
Jack Bal, President & CEO
For further information on the Company, please contact Mr. Jack Bal, CEO, Telephone: 604-306-5285 jackbalyvr@gmail.com.
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 news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation"
SOURCE: CMC Metals Ltd.
