Constantine Announces Non-Brokered Private Placement
June 23, 2021
Vancouver, BC – Constantine Metal Resources Ltd. (TSX-V:CEM, OTCQX:CNSNF) (“Constantine” or the “Company”) is pleased to announce that it plans to conduct a non-brokered private placement of up to approximately 8.5 million units of Constantine (the “Units”) at a price of $0.23 per Unit to raise gross proceeds of up to $1,955,000 (the “Offering”). Each Unit will be comprised of one common share in the capital of the Company (a “Share”) plus one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of $0.30 per Share for a period of two years from the date of closing of the Offering (the “Closing Date”).
Proceeds from the Offering will be used for exploration expenditures for the Big Nugget Gold project and the Bouse project exploration in Arizona later in the year, new project acquisitions and general corporate purposes.
Closing of the Offering is subject to the receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. All securities to be issued pursuant to the Offering will be subject to a statutory hold period in Canada of four months and one day following the Closing Date.
About the Company
Constantine is a mineral exploration company led by an experienced and proven technical team with a focus on the Palmer copper-zinc-silver-gold-barite project being advanced as a joint venture between Constantine and Dowa Metals & Mining Co., Ltd., with Constantine as operator. A positive preliminary economic assessment was completed on the Palmer project in 2019 at conservative metal prices relative to today’s markets. This year’s Palmer joint venture budget announced in late March 2021 is US $8.8 million and includes up to 6000 meters of diamond drilling.
In 2020 the 100% owned Big Nugget Gold project, located 8 kilometers east of our flagship Palmer Joint Venture Project, was recognized as a potential gold lode source area immediately upstream from the +80,000 ounce Porcupine Gold Placer operations, and is as an attractive drill target opportunity.
In May 2021 Constantine announced the acquisition of the Bouse Property in southwest Arizona that will be explored for its copper-gold potential (see news release NR#186-21).
Management is committed to providing shareholder value through discovery, meaningful community engagement, environmental stewardship, and responsible mineral exploration and development activities that support local jobs and businesses.
On Behalf of Constantine Metal Resources Ltd.
For further information, please visit the Constantine website at www.constantinemetals.com, or contact:
Garfield MacVeigh, President
Email: [email protected]
Phone: +1 604 629 2348