Plateau Energy Metals Closes Private Placement
Plateau Energy Metals Closes Private Placement
TORONTO, ONTARIO, September 17, 2019 – Plateau Energy Metals Inc. (“Plateau” or the “Company”) (TSX-V: PLU | OTCQB: PLUUF) is pleased to announce that it has closed the non-brokered private placement (the “Offering“) announced on August 22, 2019, for gross proceeds of C$1,500,000.
Pursuant to the Offering, the company has issued 6,000,000 units (the “Units”) at a price of C$0.25 per Unit. Each Unit consists of one common share in the capital of the Company (a “Share”) and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each whole Warrant will be exercisable to acquire one Share at an exercise price of C$0.50 per Share for a period of 24 months from the date of issuance.
Directors and officers of the Company subscribed for approximately 1,176,000 Units. Other insiders subscribed for 920,000 Units, totalling 2,096,000 Units of the Offering.
In connection with the Offering, the Company paid a finder’s fee of C$39,330 cash to Haywood Securities Inc. (the “Haywood”). Haywood was also issued 157,320 non-transferable warrants (“Finder’s Warrants”). The Finder’s Warrants have the same terms as the Warrants forming part of the Units.
All securities issued under the Offering will be subject to a statutory hold period of four months and one day under applicable Canadian securities laws, expiring January 18, 2020, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. Proceeds from the Offering will be used for working capital and general corporate purposes.
The subscription by insiders pursuant to the Offering is considered to be a related party transaction subject to Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Offering by insiders do not exceed 25% of the fair market value of the Company’s market capitalization.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Plateau Energy Metals
Plateau Energy Metals Inc., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru, all of which is situated near infrastructure.
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Plateau Energy Metals Inc.
Neither 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.
Forward Looking Statements
This news release contains certain forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the process and ability to complete the Offering, the size of the Offering, the use of proceeds of the Offering and any statements regarding the Company’s business plans, expectations and objectives.
Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”, “option” and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. Although the Company believes that the current opinions and expectations reflected in such forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on forward-looking statements since the Company can provide no assurance that such opinions and expectations will prove to be correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks and uncertainties relating to the Company’s ability to complete the Offering, the size of the Offering, the use of proceeds of the Offering, interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities; risks related to commodity price and foreign exchange rate fluctuations; risks related to foreign operations; the cyclical nature of the industry in which we operate; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the certainty of title to our properties and the results of the current administrative process, or any necessary subsequent judicial processes for 32 of the concessions; risks related to the uncertain global economic environment; and other risks and uncertainties related to our prospects, properties and business strategy, as described in more detail in Plateau’s recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and Plateau cautions against placing undue reliance thereon. Except as required by applicable securities legislation, neither Plateau nor its management assume any obligation to revise or update these forward-looking statements.