Jack Bal pulling dirty tricks again: Rollback...
Vancouver, B.C. / TheNewswire / February 10, 2016 - CMC Metals Ltd. (the "Company") wishes to announce that it will be proceeding with a rollback of its issued and outstanding common shares on a seven (7) old for one (1) new basis subject to TSX Venture Exchange (the "Exchange") approval, with an effective date of February 11, 2016. The Company received Shareholder approval to a consolidation at its Annual General Meeting held June 18, 2015, where, at that time, Shareholders granted authorization to the Board of Directors of the Company, at their discretion, the right to consolidate the Company's shares as they deemed fit and upon acceptancy of the Exchange.
Upon completion of the rollback, the Company will be conducting a private placement of up to 10,000,000 Units at $0.10 per Unit, each unit consisting of one common share and one transferable share purchase warrant. Two warrants will be exercisable for one additional common share at $0.12 per share for a two year period. The proceeds derived from the total 10,000,000 Unit placement will be used towards our ongoing costs associated with the further development of the Company's Bishop Mill and Radcliff Property projects held in the US. In excess of 50% of funds raised will come from insiders of the Company. A finder's fee may payable in relation to this private placement and the same is subject to Exchange approval.
The Company also wishes to announce an update on the Bishop Mill and Radcliff Mine projects. The Radcliff Mine is a fully permitted mine with ore stockpiled and waiting processing. The Company's initial plan was to ship ore to a local smelter but agreeable terms have not been achieved. The Company's plan is to make the Bishop Mill operational within the next 90 days and commence processing material from the Radcliff Mine.
To date, the Company has upgraded the mill to MSHA standards, installed an assay lab and a new lined tailings pond. To complete the mill, bird netting will be installed and a vadose zone well drilled. In addition, the Company has engaged Donald Wedman, P.Eng. to complete the remaining tasks and make the Bishop Mill operational to accept ore from the Radcliff Mine.
On behalf of the Board:
"Jack Bal"
