Collective Metals completes private placement raising CDN $262,100

Collective Metals Inc. (CSE: COMT, OTC: CLLMF, FSE: TO1) completed a non-brokered private placement that raised gross proceeds of CDN $262,099.98, according to a company statement.

The Vancouver-based resource exploration company issued 4,368,333 units at $0.06 per unit. Each unit consists of one common share and one transferable warrant that allows the holder to purchase an additional share at $0.08 within 24 months of the closing date.

The company will use the proceeds for general working capital purposes. No finder's fees were paid in connection with the offering.

A company director participated in the placement, purchasing 200,000 units for $12,000. This constituted a related party transaction under Multilateral Instrument 61-101, though the company relied on exemptions from valuation and minority shareholder approval requirements since the transaction value did not exceed 25% of the company's market capitalization.

The shares issued are subject to a statutory hold period that expires four months and one day from the issuance date.

Collective Metals specializes in precious metals exploration in North America. The company's Whitemud Project consists of 381 single cell mining claims totaling 7,775 hectares with several identified pegmatite outcrops.

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