Vancouver, B.C.: CMC Metals Ltd. (the 'Company') wishes to advise the closing of its 15,500,000 Unit private placement at $0.10 per Unit, originally announced in its February 10, 2016 press release, as revised in its May 2, 2016 press release, and the issuance of 11,200,000 of the total 15,500,000 Units on May 5, 2016 and the remaining 4,300,000 Units on June 15, 2016, with each Unit consisting of one common share and one transferrable share purchase warrant, with every two warrants exercisable for one additional common share of the Company at $0.12 per share for a two year period (the 'Units'). The proceeds derived from the 15,500,000 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. A finder's fee is payable pursuant to this placement by way of cash and broker's warrants equal to 8% of the total raised by the finder, being a total of $65,960 in cash and 659,600 in broker's warrants issued on the same terms and conditional as the Units.
The Company further wishes to announce that it has granted 2,900,000 common shares pursuant to incentive stock options under the Company's Rolling Stock Option Plan, which Plan received shareholder approval at its last Annual General Meeting held June 18, 2015. The options granted will be set for a two year period expiring June 16, 2018 at the exercise price of $0.12 per share. This transaction is subject to TSX Venture Exchange approval.
On behalf of the Board:
'Jack Bal'
____________________________
Jack Bal, President & CEO
CMC METALS LTD.
For further information on the Company, please contact Mr. Jack Bal, CEO, Telephone: 604-306-5285 [email protected].
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.
'This news release includes certain statements that constitute 'forward-looking information' within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.'