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SUDBURY, ON, Dec. 14, 2017 /CNW/ - Transition Metals
Corp. (XTM – TSX.V) ("Transition"
or "the Corporation") announces that it has closed
the second tranche of the previously announced non‑brokered private
placement financing of 3,666,667 units (the "Units") of
the Corporation at a price of $0.15
per Unit, for gross proceeds of up to $550,000.05. Each Unit consisted of one
common share of the Corporation (a "Common Share") and one
transferable share purchase warrant
(each, a "Warrant"). Each Warrant entitles
the holder to purchase one additional Common Share for a period of
24 months from closing at a price of $0.20. If, after April 15, 2018, the closing price of the Common
Shares on the TSX Venture Exchange (the "Exchange") is
higher than $0.30 for
20 consecutive trading days, based on the Volume Weighted
Average Price on daily closing, then on the date that is the 20th
consecutive trading day (the "Acceleration Trigger Date")
the expiry date of the Warrants will be accelerated to the date
that is 20 business days after the Acceleration Trigger Date
provided the Corporation, within three trading days of the
Acceleration Trigger Date, issues a news release announcing the
acceleration of the expiry date and delivers or sends by electronic
transmission a copy of such news release to the Warrant holders and
the finders.
The private placement has been over-subscribed with a total of
7,737,698 Units for gross proceeds of $1,160,654.70 issued under both tranches.
A finder's fee was not paid in connection with the second
tranche of the private placement.
Proceeds from the private placement will be used for exploration
and working capital purposes. All securities issued in
connection with the second tranche of the private placement are
subject to a four month Canadian restricted resale period that
expires, with respect to resales in Canada, on April 15,
2018 and applicable securities legislation hold periods
outside of Canada.
About Transition Metals Corp.
Transition Metals Corp (XTM - TSX.V) is a Canadian-based,
multi-commodity project generator that specializes in converting
new exploration ideas into Canadian discoveries.
The award‑winning team of geoscientists has extensive
exploration experience in established, emerging and historic mining
camps and actively develops and tests new ideas for discovering
mineralization in places that others have not looked, which often
allows the Corporation to acquire properties inexpensively.
The team is rigorous in its fieldwork and combines traditional
techniques with newer ones to help unearth compelling prospects and
drill targets. Transition uses the project generator business
model to acquire and advance multiple exploration projects
simultaneously, thereby maximizing shareholder exposure to
discovery and capital gain. Joint venture partners earn an
interest in the projects by funding a portion of higher-risk
drilling and exploration, allowing Transition to conserve capital
and minimize shareholder's equity dilution. The Corporation
has an expanding portfolio that currently includes more than 25
gold, copper, nickel and platinum projects primarily in
Ontario, Nunavut, British
Columbia, Minnesota and
Saskatchewan.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Transition Metals Corp.
