Collective Metals announces C$1.5 million private placement

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

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

The Vancouver-based resource exploration company stated it will use proceeds for exploration activities on its properties and general working capital purposes. The securities 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 CSE policies. The units will be offered to qualified investors under exemptions from prospectus and registration requirements.

The company operates the Rocas uranium project in Saskatchewan, comprising 4,002 hectares located 75 kilometers southwest of the Key Lake Mine and Mill facilities. The project contains uranium showings with historical grab samples grading up to 0.5% U3O8 along 900 meters of strike length, though none of the historical occurrences have been drill-tested.

The 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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