EXERCISE OF WARRANTS & OPTIONS AND ISSUE OF EQUITY

RNS Number : 0097Z
Cornish Metals Inc.
18 May 2021
 

CORNISH METALS

CORNISH METALS ANNOUNCES EXERCISE OF WARRANTS & OPTIONS AND ISSUE OF EQUITY

 

May 18, 2021

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, announces the exercise of warrants for 250,000 common shares without par value at a price of 7 cents per common share in the share capital of the Company ("New Shares") for an aggregate consideration of C$17,500 (£10,300). Additionally, the Company announces the exercise of stock options for 50,000 New Shares at a price of 15 cents per New Share for an aggregate consideration of C$7,500 (£4,400).

The New Shares will rank pari passu with the existing shares and application has been made for the 300,000 New Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Shares will commence at 8:00am on or around May 24, 2021. The New Shares will also trade on the TSX Venture Exchange.

Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 269,720,157 shares. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

ABOUT CORNISH METALS

Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016 ). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.

For additional information please contact:

In North America:

Irene Dorsman at (604) 210 8752 or by e-mail at irene@cornishmetals.com  

 

 

SP Angel Corporate Finance LLP

(Nominated Adviser & Joint Broker)

Tel:

+44 203 470 0470


Richard Morrison

 


Charlie Bouverat

 


Grant Barker

 

 

 



Hannam & Partners

(Joint Broker) 

Tel: 

+44 207 907 8500

 


Matthew Hasson

 


Andrew Chubb

 


Ernest Bell

 




Blytheweigh

(Financial PR/IR-London)

Tel:

+44 207 138 3204

 


Tim Blythe 

tim.blythe@blytheweigh.com


Megan Ray

megan.ray@blytheweigh.com

 

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"

Richard D. Williams, P.Geo

 

 

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 .

 

Caution regarding forward looking statements

 

This news release contains "forward-looking statements", including but not limited to, statements with respect to the continued listing and trading of the Common Shares on the TSX-V and AIM; and the expected commencement of future exploration programs at the United Downs and the South Crofty Mine.

 

Forward-looking statements, while based on management's best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the COVID-19 global pandemic and any variants of COVID-19 which may arise;  risks related to the availability of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations.


Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

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