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VANCOUVER, BC / ACCESSWIRE / September 9, 2020 / United Battery Metals Corp. (CSE:UBM)(OTC PINK:UBMCF)(FWB:0UL) (“UBM” or the “Company“) is pleased to announce that Aman Parmar has joined its board of directors. In addition, the Company announces that it has completed its previously announced private placement (the “Private Placement“).
The Company wishes to welcome Aman Parmar to its board of directors effective immediately. Mr. Parmar’s corporate experience includes over 12 years’ working with both public and private companies in the resources, health care, manufacturing, cannabis and real estate sectors. He has extensive experience in the capital markets and has been involved in corporate restructuring and financing for both public and private companies. He obtained a Chartered Accountant designation in 2012 and holds a Bachelor of Technology in Accounting from the British Columbia Institute of Technology.
In connection with the closing of the Private Placement, the Company has issued an aggregate of 6,028,505 common shares (the “Common Shares“) at a price of $0.35 per Common Share, raising total gross proceeds of $2,109,976.75.
The Company intends to use the proceeds of the Private Placement for working capital, general corporate purposes, and to have cash on hand to fund potential future asset acquisition opportunities.
The Company paid to arm’s length, licensed securities dealers (the “Finders“) cash commissions totalling $60,379.20 and issued an aggregate of 172,512 finder’s warrants (the “Finders’ Warrants“) , whereby each Finder’s Warrant is convertible into a Common share in the capital of the Company at an exercise price of $0.35 until September 9, 2022. The cash commission is equal to 6% of a portion of the funds raised in the Private Placement and the number of Finder’s Warrants is equal to 6% of the Common Shares purchased by certain investors.
All securities issued in connection with the Private Placement are subject to a statutory hold period of four months from the date of issuance expiring January 10, 2021, in accordance with applicable securities legislation and the policies of the Canadian Securities Exchange (the “CSE“). Completion of the Private Placement remains subject to the approval of the CSE.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
Chief Financial Officer
For further information, please contact the Company at: 778-233-3537
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including all statements in regards to the Company’s intended use of funds raised by the Private Placement and with respect to the Company’s search for suitable additional mineral properties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements; in this regard, there is a risk that the Private Placement may not be completed as contemplated, or at all, and that the Company may not be able to identify or acquire any additional mineral properties. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, obtaining necessary approval from the CSE, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: United Battery Metals Corp.
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