- Constantine Metal Resources (CEM) has closed a non-brokered private placement, for gross proceeds of $1,970,900
- Michael Gentile, an active and strategic investor in the junior mining sector, owns 11.5 per cent of the company’s issued and outstanding shares
- Proceeds will be used for exploration expenditures for the Big Nugget Gold Project
- Constantine Metal Resources Ltd is a mineral exploration company
- Constantine Metal Resources Ltd. (CEM) opened trading at C$0.42 per share
Constantine Metal Resources (CEM) has closed a non-brokered private placement, for aggregate gross proceeds of $1,970,900.
The company issued 8,569,131 units at a price of $0.23 per unit. Each unit consists of one common share and one transferable share purchase warrant. Each warrant is exercisable to acquire one share at an exercise price of $0.30 for a period of two years. All securities to be issued will be subject to a statutory four-month hold period.
Proceeds will be used for exploration expenditures for the Big Nugget Gold Project and the Bouse Project exploration in Arizona later in the year, as well as new project acquisitions and general corporate purposes.
Garfield MacVeigh, President and CEO states,
“We are very pleased to welcome Michael Gentile as a major strategic investor and supporter at a critical period for Constantine, post-HighGold spinout, as we work to advance the Palmer Project towards feasibility and add value with exploration and identification of new projects. Constantine would also like to thank Electrum Group for their investment in Constantine, which contributed to the discovery of the Palmer Project’s AG zone in 2018.”
Mr. Gentile is an active and strategic investor in the junior mining sector owning significant top 5 stakes in over 15 small cap-mining companies. Michael is currently a strategic advisor to Arizona Metals and a director of Northern Superior Resources, Roscan Gold, Radisson Mining Resources and Solstice Gold.
On closing of the private placement, Mr. Gentile owns 11.5 per cent of the company’s issued and outstanding shares.
The company issued 348,969 shares and 457,488 finders warrants to Agentis Capital Markets Canada Limited Partnership.
Constantine is a mineral exploration company 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 includes up to 6000 meters of diamond drilling.
Constantine Metal Resources Ltd. (CEM) opened trading at C$0.42 per share.