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Affinity Metals announces $1M Financing for Timmins exploration

Jul 3, 2020

Affinity Metals Corp. has announced that due to strong investor demand, in addition to the previous private placement announced on June 26th, it will be offering an additional non-brokered private placement of up to 4,545,455 units at a price of $0.22 per Unit for gross proceeds of $1,000,000 if the Offering is fully subscribed. 

Each Unit consists of one common share of the Corporation ("Common Share") and one non-transferrable Common Share purchase warrant ("Warrant"). Each Warrant may be exercised for one additional Common Share at a price of $0.33 for a period of 24 months from the closing date of the Offering. 

The securities will be offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. 

A finder's fee in cash or shares may be paid to arm's length finders in relation to this Offering. Proceeds from the Offering will be used for general operating purposes including advancing the Corporation's projects.

This private placement is subject to approval by the TSX Venture Exchange.

About Affinity Metals

Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following the Project Generator model.

Affinity is advancing the Regal and West Timmins Gold projects.

The Regal is located near Revelstoke, British Columbia, Canada in the northern end of the prolific Kootenay Arch and hosts two major geophysical anomalies as well as three past producing mines. Recent drill results included a new silver discovery with an 11.10 meter interval of 143.29 g/t silver which included a 0.55 meter interval of 2,612.0 g/t silver.

The West Timmins Gold property is located near Timmins, Ontario, Canada and adjoins Melkior's Carscallen project. The first drill hole has been completed and the core is now being logged, split and sampled in preparation for assaying.

Tags: Northern Ontario / Exploration / Gold / All Articles