Vancouver, July 9, 2024 - Flow Metals Corp. (CSE: FWM) ("Flow Metals" or the "Company") is pleased to announce that it will conduct a non-brokered private placement to raise aggregate gross proceeds up to $350,000 (the "Offering"). The Offering will consist of non-flow through common shares (the "NFT Shares") issued at a price of $0.05 per NFT Share and flow-through common shares (the "FT Shares") issued at a price of $0.07 per FT Share.
Each FT Share will be a common share of the Corporation issued as a "flow-through share" (as defined in subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act")). The gross proceeds will be used for "Canadian exploration expenses" (within the meaning of the Tax Act), which will qualify, once renounced, as "flow-through mining expenditures", as defined in the Tax Act, which will be renounced with an effective date of no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.
The Company plans to use the net proceeds of the Offering for exploration and development purposes of its projects in British Columbia and the Yukon, for working capital and general corporate purposes.
The Company anticipates that current insiders of the Company may participate in the Offering. Finder's fees may be paid in cash and warrants to qualified persons who introduce the Company to investors. The Offering may be closed in one or more tranches as subscriptions are received. The securities issued in the Offering will be subject to a four-month hold period in accordance with applicable securities laws.
The securities offered have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Flow Metals
Flow Metals is a gold and copper mining exploration company focused on advancing two 100% owned road access projects in established mining districts. New Brenda is a copper-silver-molybdenum porphyry project in British Columbia's Quesnel terrane and Sixtymile is a Yukon gold project in the historic Sixtymile district.
For further information, please contact:
Scott Sheldon, President
604.725.1857
scott@flowmetals.com
Forward-Looking Information
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties, future production, reserve potential, and events or developments that the Company expects. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance, they will prove to be correct. Forward-looking statements contained in this press release may include, but are not limited to, the terms and completion of the Offering, the renouncement of exploration expenditures and use of proceeds. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether because of new information, future events or results, or otherwise) other than as required by applicable securities laws. There are several risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at SedarPlus.ca.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215770
