VANCOUVER, BC, Oct. 31,
2022 /CNW/ - Capella Minerals Ltd. (TSXV:
CMIL) (OTCQB: CMILF) (FRA: N7D2) ("Capella" or the
"Company") is pleased to announce that it has closed its
previously announced private placement (October 6, 2022) and that the placement has been
upsized to accommodate the oversubscribed non-brokered
placement.
The Company has successfully completed the sale of an aggregate
26,893,333 units at a price of C$0.06
per unit for gross proceeds of C$1,611,600. Each unit issued consists of
one common share and one-half of a share purchase warrant, each
whole warrant entitling the holder to acquire an additional common
share for $0.12 per share until
expiry on October 28, 2024. The
warrants shall also be subject to an accelerated exercise clause in
the event the Company's share price exceeds C$0.25 for 10 consecutive trading days. One of
the directors of the Company has participated in the financing as
to 500,000 units being less than 1% of the market capitalization of
the Company. The Company has paid finder's fees of an aggregate
$58,800 and issued an aggregate
980,000 share purchase warrants exercisable at $0.12 until October
28, 2024. Proceeds will be used to further the
Company's projects in Norway and
Finland as well as general and
administrative expenses.
All shares issued pursuant to the private placement are subject
to a hold period trading restriction that will expire on
March 1, 2023.
Additionally, the Company wishes to announce that it has
received Exchange acceptance to the closing of its acquisition of
ElementX Finland Oy ("ElementX") and thereby acquiring its 100%
interests in five fully granted reservations and two reservation
applications in southern Finland
(see the Company's news release dated October 6, 2022 for further details on the
projects). In consideration for the acquisition, Capella has
issued ElementX's shareholders an aggregate 15,100,000 shares of
the Company. All shares issued are subject to a hold period
trading restriction expiring March 1,
2023. Additionally, pursuant to the agreement, ElementX
holders will be subject to a voluntary hold period expiring
June 1, 2023.
On Behalf of the Board of Capella Minerals Ltd.
"Eric
Roth"
___________________________
Eric
Roth, Ph.D., FAusIMM
President & CEO
About Capella Minerals
Ltd
Capella is engaged in the acquisition, exploration, and
development of quality mineral resource properties with a focus on
base & battery metals in Finland and Norway and gold in Canada.
The Company's Lithium-REE focus is on a portfolio of seven
100%-owned projects located in south-central Finland. Primary targets are
lithium-cesium-tantalum ("LCT") pegmatite fields located within the
Järvi-Pohjanmaa and Seinäjoki lithium-permissive tracts. Four of
the reservations (Nabba, Lappajarvi W and E, and Kaatiala) are
located adjacent to Kelibre Oy's spodumene mine development project
in the Kaustinen district. The Company also holds the Perho
Li-REE reservation in southern Finland through the Cullen Resources Ltd (ASX:
CUL) JV.
The Company is also actively exploring the Katajavaara-Aakenus
copper-gold project (Cullen Resources JV) in the Central Lapland
Greenstone Belt of northern Finland, with a primary focus on the undrilled
Killero copper-gold target area.
In Norway, the Company's
current focus is on: i) the advanced exploration-stage Hessjøgruva
copper-cobalt project and adjacent Kongensgruve and Kjøli projects
in the Røros mining district, Trøndelag County ii) the discovery of
new high-grade copper-cobalt deposits around the past-producing
Løkken (Løkken Verk District) copper mine, Trøndelag County, and
iii) the discovery of new copper-cobalt deposits in the former
Vaddas-Birtavarre mining district of northern Norway.
With respect to precious metals, Capella is involved in Joint
Ventures with Prospector Metals Corp (TSXV: PPP) at the Savant
project in Ontario, and with
Yamana Gold Inc. (TSX: YRI) at the Domain project in Manitoba. The Company also retains a residual
interest (subject to an option to purchase agreement with Austral
Gold Ltd) in the Sierra Blanca gold-silver divestiture in
Santa Cruz, Argentina.
Cautionary Notes and
Forward-looking Statements
This news release contains forward-looking information within
the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
future results of operations, performance and achievements of
Capella, including the timing, completion of and results from the
exploration and drill programs described in this release.
Although the Company believes that such statements are
reasonable, it can give no assurances that such expectations will
prove to be correct. All such forward-looking information is
based on certain assumptions and analyses made by Capella in light
of their experience and perception of historical trends, current
conditions and expected future developments, as well as other
factors management believes are appropriate in the circumstances.
This information, however, is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Important factors that could cause
actual results to differ from this forward-looking information
include those described under the heading "Risks and Uncertainties"
in Capella's most recently filed MD&A. Capella does not intend,
and expressly disclaims any obligation to, update or revise the
forward-looking information contained in this news release, except
as required by law. Readers are cautioned not to place undue
reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Capella Minerals Limited