Canadian International Minerals Announces closing of its Private Placement and Grant of Stock Options
January 11, 2018 – Vancouver, British Columbia – Canadian International Minerals Inc. (the “Company”) (TSX-V: CIN; FRANKFURT: 25C1) announces the closing of its non-brokered private placement announced November 21, 2017. The placement closed on January 10, 2018 and a commission was paid on a portion of the private placement.
On closing the Company issued 4,000,000 units at a price of $0.16 per Unit for gross proceeds of $640,000. Each Unit was comprised of one common share and one-half of one transferable share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of $0.25 per share for two years from closing of the private placement. A finder’s fee of $39,680 and 248,000 finder’s fee warrants were issued. Each finder’s fee warrant entitles the holder to purchase one common share of the Company at a price of $0.25 per share for a period of two years, expiring January 9, 2020.
The shares and any shares that are issued pursuant to the exercise of the warrants and the finder’s fee warrants are subject to a four-month hold period from the closing of the private placement.
The proceeds of the private placement will be used for continuing exploration programs on the Company’s mineral exploration projects and for working capital.
The Company has granted incentive stock options under its Stock Option Plan to directors, officers, employees and consultants of the Company for the purchase of up to 712,000 common shares at a price of $0.20 per share for a period of five years.
Any shares that are issued pursuant to the exercise of the stock options are subject to a four-month hold period from the date of grant.
ON BEHALF OF THE BOARD
Michael Schuss, President & CEO
For further information, please contact:
Canadian International Minerals Inc.
Michael E. Schuss
President and CEO