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| | November 13, 2009
Canadian International Minerals Announces $1,035,000 Financing
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| | The Company announces that it has arranged, subject to regulatory approval, a private placement of up to 3,000,000 units at $0.12 per unit for total gross proceeds of up to $360,000. Each unit will consist of one common share and one-half of one transferrable share purchase warrant, each whole warrant exercisable into an additional common share for a period of one year at a price of $0.20 per share.
The Company has also arranged, subject to regulatory approval, a private placement of up to 4,500,000 flow-through units at a price of $0.15 per flow-through unit for total gross proceeds of up to $675,000. Each flow-through unit consists of one flow-through common share and one-half of one transferable share purchase warrant, each whole warrant exercisable into one non
flow-through common share for a period of one year at a price of $0.20 per share.
All share purchase warrants issued under the financings will be subject to an acceleration clause (the "Acceleration Clause") whereby if at any time after four months and one day following closing of placements, the closing trading price of the common shares of the Company is $0.40 or more for a period of 10 consecutive trading days, the Company will have the option to require
the earlier exercise of the warrants within 30 days of formal notice from the Company in the form of a press release.
The proceeds of the private placements will be used for exploration programs on the Company's properties and for general working capital.
Finders' fees may be payable in whole or in part on the private placements.
Michael E. Schuss
CEO, CFO, Director
The CNSX has not approved or disapproved the contents of this news release.
N.B. The subsequent news release on November 27, 2009, made the following correction to the above terms: Further to the news release of November 13, 2009, wherein the Company announced a private placement of 3,000,000 units at $0.12 per unit, the Company advises that each unit will consist of one common share and one whole transferable share purchase warrant, each warrant exercisable into an additional common share for a period of one year at a price of $0.20 per share. All other terms of the placement will remain the same. |
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