VANCOUVER, B.C. – Black Shield Metals Corp. (the “Company”) is pleased to announce the closing of its initial public offering (the “Offering”) pursuant to its prospectus dated January 13, 2021 (the “Prospectus”) filed with the securities commissions in British Columbia, Alberta and Ontario. Effective at the opening of the market on April 9, 2021 the Company’s common shares (the “Shares”) will commence trading on the Canadian Securities Exchange (the “CSE”) under the symbol “BDX”.
Pursuant to the Prospectus, the Company issued 5,750,000 Shares, including 750,000 Shares issued pursuant to the exercise of the Over-Allotment Option (as defined herein), at a price of $0.10 per Share for gross proceeds of $575,000. Haywood Securities Inc. (the “Agent”) acted as the sole agent for the Offering.
In consideration for acting as agent, the Agent received a cash commission of $57,500, such amount being equal to 10% of the gross proceeds of the Offering and a corporate finance fee of $35,000. The Company also issued to the Agent options (the “Agent’s Options”) to purchase 57,500 Shares at a price of $0.10 until April 8, 2023. The Agent exercised its over-allotment option (the “Over-Allotment Option”) in full, pursuant to which it arranged for purchasers of 750,000 Shares.
The Company intends to use the proceeds from the Offering to complete Phase I of the work program on the CHG Project and for general working capital, as further detailed in the Prospectus.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Black Shield Metals Corp.
Black Shield Metals Corp. is a British Columbia based mineral exploration company focused on the exploration of CHG Project. The CHG Project consists of seven contiguous mineral claims covering 3,606 hectares and is located approximately 15 kilometers northwest of the town of Clinton in southcentral British Columbia.
For further information, please contact Mr. Fred Tejada or view the Company’s filings at www.sedar.com.
On Behalf Of the Board of Directors
Fred Tejada
Chief Executive Officer and Director
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1-604-363-0411
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “anticipates”, “plans”, “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forwardlooking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
