Collective Metals plans private placement of up to $515,000

Collective Metals Inc. (CSE: COMT)(OTC PINK: CLLMF)(FSE: TO1) announced a non-brokered private placement of up to 34,333,333 units at $0.015 per unit, seeking aggregate gross proceeds of up to $515,000.

The offering consists of a combination of non-flow-through units (HD Units) and flow-through units (FT Units). Each HD Unit includes one common share and one-half of one common share purchase warrant. Each FT Unit includes one flow-through common share and one-half of one warrant. Each whole warrant allows the holder to purchase one common share at $0.015 for three years from the closing date.

The company said it intends to use proceeds from FT Unit sales to fund eligible Canadian exploration expenses on its Rocas project and other exploration properties, with qualifying expenditures to be renounced to FT Unit subscribers no later than Dec. 31, 2026. Proceeds from HD Unit sales will be directed toward exploration of the Rocas project and general working capital.

The Rocas project covers 4,002 hectares located approximately 75 kilometers southwest of the Key Lake Mine and Mill facilities in Canada.

Closing of the offering is subject to regulatory approvals, including approval from the Canadian Securities Exchange. Securities issued will carry a statutory hold period of four months and one day from issuance. The company may pay finder's fees to eligible parties in accordance with CSE policies.

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