Canadian Metals Provides Corporate Update: Announces AGSM Date, Confirms Executive Chairman and Proposes Name Change
MONTRÉAL, April 24, 2023 - Canadian Metals Inc. ("CME" or the "Corporation") (CSE: CME) is pleased to announce that it will hold an annual general and special meeting of shareholders (the "Meeting") on May 17, 2023. The record date for the shareholders entitled to vote at the Meeting has been set as shareholders of record as at the close of business on April 12, 2023. At the Meeting, the shareholders will be asked: - to consider a special resolution to approve to continue the Corporation under the Canada Business Corporations Act and to adopt a new by-laws (the "Continuance");
- to consider a special resolution to approve a consolidation of the Corporation's common shares on the basis of one post-consolidated share for every five pre-consolidated shares, or such lesser ratio as the board of directors of the Corporation may deem adequate (the "Consolidation"); and
- to consider a special resolution to approve the change of the name of the Corporation to "Silver Brook Resources Inc./Ressources Silver Brook Inc." or such other name as the board of directors of the Corporation may approve (the "Name Change").
Details of the Continuance, Consolidation and Name Change are contained in the Corporation's management information circular dated April 17, 2023, which will be mailed to the shareholders and filed on SEDAR at www.sedar.com.
The Corporation also confirms the appointment of Mr. Michel Gagnon as Executive Chairman of the Corporation. In light of unforeseen management issues, in addition to his role as director of the Corporation, Mr. Gagnon had to take on a management role on an interim basis.
The Corporation also provides a correction that under the first tranche of the private placement closed on December 29, 2022, the Corporation issued i. 55,261,361 units each is consisted of one common share of the Corporation (each, a "Share") on "flow-through" basis and one Share purchase warrant (each, a "FT Unit"), and ii. 18,324,000 units each is consisted of one Share and one Share purchase warrant (each, a "NFT Unit"). Together with the second tranche closing, the Corporation issued an aggregate number of 55,261,361 FT Units and 23,852,556 NFT Units.
Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale mineral deposits in specific commodities and safe jurisdictions.
Michel Gagnon
On behalf of the Board of Directors
Website: www.canadianmetalsinc.com
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The statements in this news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in such "forward-looking" statements.
SOURCE Canadian Metals Inc.
