CAT Strategic Metals Closes First Tranche of Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.VANCOUVER, BC / ACCESSWIRE / May 25, 2022 / CAT Strategic Metals Corporation (CSE:CAT)(OTC PINK:CATTF)(FRA:8CHA) ("CAT" or the "Company") announces …
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
VANCOUVER, BC / ACCESSWIRE / May 25, 2022 / CAT Strategic Metals Corporation (CSE:CAT)(OTC PINK:CATTF)(FRA:8CHA) ("CAT" or the "Company") announces that it has closed the first tranche of the previously announced non-brokered private placement (the "Private Placement"), whereby the Company issued 27,816,666 units (the "Units") at a price of CDN$0.03 per Unit for proceeds of $834,500. Each Unit is comprised of one common share in the capital of the Company (a "Share") and one whole non-transferable share purchase warrant (a "Warrant"). Each whole Warrant will be exercisable to acquire one Share at an exercise price of CDN$0.05 per Share for a period of 36 months from the date of issuance.
The securities issued pursuant to the Private Placement, and any Shares that may be issuable on exercise of any such securities, are subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.
Finders' fees were paid in connection with the first tranche of the Private Placement in the form of CDN$15,165 in cash and through the issuance of 605,500 finders' warrants (a "Finders' Warrant"). Each Finders' Warrant is exercisable to acquire one Share at an exercise price of CDN$0.05 per Share for a period of 36 months from the date of issuance.
CAT intends to use the net proceeds of the Private Placement for further exploration of CAT's properties, with a primary focus on the South Preston Uranium Property, and for general working capital purposes.
About CAT Strategic Metals Corporation:
CAT's Mission Statement and corporate strategy is to source, identify, acquire and advance property interests located in mineral districts proven to have world class potential, primarily for gold and copper. In addition to the South Preston Uranium Project, CAT's Burntland Project is focused on the exploration and development of several targets located Northeast of Saint Quentin in the county of Restigouche, New Brunswick, Canada, and The Gold Jackpot strategic metals property with multiple targets for gold-silver, copper, and tellurium property located NE of Elko, Nevada, in the Pequop gold-copper Trend. CAT's shares trade on the Canadian Securities Exchange under the trading symbol "CAT", on the OTC under the trading symbol "CATTF" and on the Frankfurt Stock Exchange under the symbol "8CH".