Mr. Scott Sheldon reports
FLOW METALS ANNOUNCES FINANCING
Flow Metals Corp. will conduct a non-brokered private placement to raise aggregate gross proceeds up to $350,000. The offering will consist of non-flow-through common shares issued at a price of five cents per NFT share and flow-through common shares issued at a price of seven cents per FT share.
Each FT share will be a common share of the corporation issued as a flow-through share (as defined in Subsection 66(15) of the Income Tax Act (Canada)). The gross proceeds will be used for Canadian exploration expenses (within the meaning of the tax act), which will qualify, once renounced, as flow-through mining expenditures, as defined in the tax act, which will be renounced with an effective date of no later than Dec. 31, 2024, in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares.
The company plans to use the net proceeds of the offering for exploration and development purposes at its projects in British Columbia and Yukon, and for working capital and general corporate purposes.
The company anticipates that current insiders of the company may participate in the offering. Finders' fees may be paid in cash and warrants to qualified persons who introduce the company to investors. The offering may be closed in one or more tranches as subscriptions are received. The securities issued in the offering will be subject to a four-month hold period, in accordance with applicable securities laws.
About Flow Metals Corp.
Flow Metals is a gold and copper mining/exploration company focused on advancing two 100-per-cent-owned, road-accessible projects in established mining districts. New Brenda is a copper-silver-molybdenum porphyry project in British Columbia's Quesnel terrane, and Sixtymile is a Yukon gold project in the historical Sixtymile district.
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