Philippine Metals Issues Corporate Update, September 2018
Vancouver, Sept 10, 2018 - As a follow up to its news releases dated July 19, July 26 and August 30, 2018, Philippine Metals Inc. (TSXV: PHI) ("PMI" or the "Company") is pleased to provide the following corporate update.
Private Placement Financing: PMI has closed the private placement financing initially announced on July 19, 2018 with an increase announced on July 26, 2018. Specifically, PMI has issued 2,857,375 units at a price of $0.05 per Unit for gross proceeds of $142,868.75. Each Unit consists of one common share of the Company and one half of one transferable common share purchase warrant. Each whole warrant entitles the holder to acquire a common share at a price of $0.10 for a period of 24 months. The net proceeds of the private placement will be used for general working capital purposes.
Shares for Debt Settlement: Further to news releases dated July 19 and August 30, 2018, the Company announces the settlement of $60,000 of management fees and a non-interest bearing demand loan of $100,000 owed to an independent third party through the issuance of 3,200,000 common shares at a deemed price of $0.05 per Share (the "Debt Settlement").
The Private Placement and Shares for Debt Settlements have both been approved by the TSX Venture Exchange. In accordance with applicable securities laws, the securities issuable pursuant to the above transactions are subject to a hold period of four months and one day from the date of completion of the transactions.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
Chief Executive Officer
For additional information, please contact:
Craig Lindsay
Tel: (604) 683-2507
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any State securities laws, and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable State securities laws, or an exemption from such registration is available.