CMC Raises C$249,998 By Flow Through Private Placement

VANCOUVER, BC / ACCESSWIRE / November 8, 2023 / CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(CMCXF:OTCQB) ("CMC" or the "Company") is pleased to announce that it has raised $249,998 by way of a non-brokered flow-through private placement. One placee purchased 3,571,400 flow-through (FT) units at a price of C$0.07 per unit, subject to TSX Venture Exchange (the "Exchange") approval.

Each FT Unit will consist of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one transferrable non-flow-through share purchase warrant (each warrant, a "Warrant"). Each Unit will consist of one common share of the Company (each, a "Unit Share") and one Warrant. Each Warrant will entitle the holder thereof to acquire one non-flow-through common share of the Company (each, a "Warrant Share") at a price of C$0.10 per Warrant Share for a period of 24 months from the closing date of the Offering.

Proceeds from the sale of FT Shares to eligible investors in Canada will be used to incur "Canadian exploration expenses" and "flow through mining expenditures" as these terms are defined in the Income Tax Act (Canada). Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

The net proceeds from the sale of FT Units will be used to fund the Company's exploration program at its Silverknife, Amy, Silver Hart Projects in the Rancheria Silver District, (Yukon/British Columbia), and the Bridal Veil Project in Newfoundland.

Red Cloud Securities Inc. acted as finder on behalf of the Company in relation to the Offering and will be compensated with C$14,999.88 and 214,284 non-transferable finders' warrants priced at C$0.10for a period of 24 months from the closing date of the Offering. All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance. Closing is subject to customary closing conditions including, but not limited to, the negotiation and execution of subscription agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.