November 12, 2013 - Closing of 15,000,000 / $0.05 Unit Private Placement
Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has completed its previously announced private placement (see press release dated September 5, 2013) of 15,000,000 units (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $750,000 (the "Offering"). Of the total 15,000,000 Units offered, 9,540,000 were non-flow-through and 5,460,000 were flow-through Units, which allocation has been revised from our original announcement of September 5, 2013 wherein the Company advised that 12,000,000 of the total 15,000,000 Units being offered were non-flow-through and 3,000,000 were to be flow-through. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"), and of the total 15,000,000 common shares to be issued, 5,460,000 common shares are flow-through common shares. The Warrants issued pursuant to this placement are all non-flow-through. Each Warrant entitles the holder to purchase one common share in the capital of the Company (a "Share") for a period of two years, expiring October 30, 2015, and exercisable at $0.05 per Share if exercised during year one, and $0.10 per Share if exercised during year two. A finder's fee equal to 2% of the total proceeds raised pursuant to this transaction was paid. The Company confirms the proceeds of this placement will be used to start up operations of the Company's Bishop Mill property in California, and the further development of its Canadian properties, as well as general working capital.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Michael C. Scholz"
Michael C. Scholz
CMC METALS LTD.
