MONTREAL, QUEBEC–(Marketwired – April 15, 2016) – Canadian Metals Inc. (the “Corporation”) (CSE:CME) today reports that Mr. Louis Lessard (“Mr. Lessard“) became an insider of the Corporation, following the acquisition of beneficial ownership of common shares and convertible securities of the Corporation exceeding 10% of the outstanding common shares of the Corporation on a partially diluted basis.
This reporting threshold was reached on April 6, 2016 with the acquisition of 1,000,000 units, each being comprised of one common share in the capital of the Corporation (each a “Share“) and one Share purchase warrants, acquired pursuant to a private placement of the Corporation for investment purposes (the “Triggering Block“). Prior to the acquisition of the Triggering Block, Mr. Lessard had the beneficial ownership of 1,365,000 Shares and 1,000,000 Share purchase warrants for investment purposes (the “Prior Shares“) (the Triggering Block and the Prior Shares collectively referred to as the “Acquisition“). Mr. Lessard reserves the right to purchase additional securities of the Corporation or from time to time to dispose of any securities of the Issuer that he may own.
Following the Acquisition, Mr. Lessard holds, directly or indirectly, a total of 2,365,000 Shares, representing approximately 5.72% of the currently issued and outstanding Shares (or 4,365,000 Shares representing approximately 10.07% of the currently issued and outstanding Shares assuming all warrants held by Mr. Lessard are exercised and converted into Shares).
This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Corporation’s profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters.
Mr. Lessard has provided the above information to the Corporation for inclusion in this news release.
About Canadian Metals
Canadian Metals Inc. is focused exclusively on the development of its Langis Project, a high-purity silica deposit located in the province of Quebec. The Company is rapidly positioning itself to eventually become a North American silicon metal producer.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.