Collective Metals plans $1.5 million private placement at $0.085 per unit

Collective Metals Inc. (CSE: COMT) announced a non-brokered private placement to raise up to $1.5 million through the sale of 17,647,058 units priced at $0.085 each.

Each unit consists of one common share and one warrant exercisable at $0.10 for two years from closing. The warrants include an acceleration clause that allows the company to shorten the expiry period to 30 days if shares close at or above $0.20 for 10 consecutive trading days on the Canadian Securities Exchange.

The Vancouver-based resource exploration company will use proceeds for exploration activities on its properties and general working capital purposes. Securities issued under the placement will be subject to a four-month-and-one-day hold period.

Collective Metals may pay finders' fees to eligible parties in connection with the placement, subject to securities law compliance and exchange policies. The units will be offered to qualified investors under exemptions from prospectus requirements.

The company operates the Rocas project, comprising 4,002 hectares located 75 kilometers southwest of the Key Lake Mine and Mill facilities in Saskatchewan. The project contains several uranium showings with historical mineralized outcrop samples grading up to 0.5% U3O8 along approximately 900 meters of strike length.

Information is based on a company press release. The securities have not been registered under U.S. securities laws and may not be offered or sold in the United States without registration or an applicable exemption.

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