TIDMCUSN
RNS Number : 1288J
Cornish Metals Inc.
25 April 2022
CORNISH METALS ANNOUNCES SPECIAL MEETING OF SHAREHOLDERS TO BE
HELD ON MAY 19, 2022
April 25, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on tin / copper projects in Cornwall, United Kingdom, announces
that a special meeting of its shareholders will be held virtually
via live audio teleconference on Thursday, May 19, 2022, at 9am
(Vancouver time) / 5pm (London time) (the "Meeting") to seek the
shareholder approvals necessary to complete the previously
announced unit offering to raise proceeds of up to GBP40,500,000
(the "Offering") (see news release dated March 28, 2022 here ). On
April 18, 2022, the TSX Venture Exchange conditionally approved the
Offering.
At the Meeting, shareholders of the Company will be asked to
pass: (i) an ordinary resolution of disinterested shareholders of
the Company to approve the creation of Vision Blue Resources
Limited ("VBR") as a new "control person" of the Company upon
closing of the Offering; (ii) a n ordinary resolution of the
shareholders of the Company to authorize the directors of the
Company to allot shares in the Company and to grant rights to
subscribe for or convert any security into shares of the Company in
connection with the Offering; and (iii) an extraordinary resolution
of the shareholders of the Company to authorize the directors of
the Company to allot certain equity securities for cash in
connection with the Offering without first having to offer them on
a pre-emptive basis to existing shareholders.
Further information in respect of the resolutions that
shareholders will be asked to pass at the Meeting, and details of
how to vote and participate in the virtual Meeting are provided in
the Management Proxy Circular in respect of the Meeting, which has
been filed on the Company's profile on SEDAR at www.sedar.com and
on the Company's corporate website at www.cornishmetals.com .
Irrevocable Undertakings
As of the date of this news release shareholders holding an
aggregate of approximately 107,923,710 of the issued and
outstanding common shares of the Company ("Common Shares"),
representing approximately 37.8 per cent. of the Common Shares have
entered into irrevocable undertakings to vote in favour of the
requisite resolutions at the Meeting.
ABOUT VISION BLUE RESOURCES
VBR aims to create lasting value for all stakeholders by
accelerating the supply of the commodities necessary to facilitate
the green energy transition. The growth in demand for these metals
is unprecedented, driven by regulation and social change, and is
taking place against a backdrop of limited supply due to years of
underinvestment in the sector. VBR aims to unlock value in its
investments by providing transformational investment capital and
its financial, technical, ESG, construction and operating
experience in the mining and metals sector, ensuring its
investments are advanced into production and beyond.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the South Crofty tin
and United Downs copper / tin projects, plus additional mineral
rights located in Cornwall, UK, in July 2016 (see Company news
release dated July 12, 2016 ). The additional mineral rights cover
an area of approximately 15,000 hectares and are distributed
throughout Cornwall. Some of these mineral rights cover old mines
that were historically worked for copper, tin, zinc, and
tungsten.
The South Crofty project covers the former producing South
Crofty tin mine located beneath the towns of Pool and Camborne,
Cornwall. The South Crofty mine closed in 1998 following over 400
years of continuous production.
An updated Mineral Resource Estimate in respect of the South
Crofty Mine, entitled "South Crofty Tin Project Mineral Resource
Update" dated effective June 7, 2021, is summarised below:
South Crofty Summary Mineral Resource Estimate
Area Classification Mass ('000 tonnes) Grade Contained Tin / Tin Equivalent ('000 tonnes)
---------------- ------------------- ----------- ---------------------------------------------
Lower Mine Indicated 2,084 1.59% Sn 33
---------------- ------------------- ----------- ---------------------------------------------
Inferred 1,937 1.67% Sn 32
----------------------------- ------------------- ----------- ---------------------------------------------
Upper Mine Indicated 277 1.01% SnEq 3
---------------- ------------------- ----------- ---------------------------------------------
Inferred 493 0.93% SnEq 5
----------------------------- ------------------- ----------- ---------------------------------------------
All technical information contained within this news release has
been reviewed and approved for disclosure by Owen Mihalop, (MCSM,
BSc (Hons), MSc, FGS, MIMMM, CEng), the Chief Operating Officer for
the Company, and a "qualified person" as defined in NI 43-101.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
In UK:
SP Angel Corporate
Finance LLP
(Nominated Adviser
& Joint Broker) Tel: +44 203 470 0470
Richard Morrison
Charlie Bouverat
Grant Barker
Hannam & Partners
(Joint Broker) Tel: +44 207 907 8500
Matthew Hasson
Andrew Chubb
Ernest Bell
BlytheRay
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blyther
ay .com
Megan Ray megan.ray@blythe ray
.com
+44 207 321 0000
For Vision Blue Resources +44 7834 368 299
Aura Financial Tel: +44 7841 748 911
Michael Oke info@vision-blue.com
Andy Mills
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release .
Caution regarding forward looking statements
This news release contains "forward-looking statements". These
forward-looking statements are statements regarding the Company's
intentions, beliefs or current expectations concerning, among other
things, the Company's projections, outlook, forecast, estimates,
plans, potential results of operations or upcoming work programs,
financial condition, prospects, growth, strategies and the industry
in which the Company operates, including, without limitation:
statements in connection with the Offering, the expected holding of
the Meeting, the irrevocable undertakings entered into in respect
of voting at the Meeting, the shareholder approvals necessary for
closing of the Offering, and VBR's aims and goals.
Forward-looking statements, while based on management's best
estimates and assumptions at the time such statements are made, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to receipt of regulatory approvals, risk of non-compliance
with planning and environmental permissions / licences, risks
related to general economic and market conditions; risks related to
the COVID-19 global pandemic and any variants of COVID-19 which may
arise; risks related to the availability of financing; the timing
and content of upcoming work programs; actual results of proposed
exploration activities; possible variations in mineral resources or
grade; risks associated with the unplanned departure of key
personnel, environmental risks, failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; changes in national and local
government regulation of mining operations, tax rules and
regulations.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
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END
MSCSEAFWLEESESL
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April 25, 2022 02:00 ET (06:00 GMT)
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