Vancouver, British Columbia, January 6, 2017 - Power Metals Corp. (the “Company”) (TSX-V: PWM) – further to its news release dated December 19, 2016, the Company announces that it has received TSX Venture Exchange approval to the closing of its private placement. The Company has raised an aggregate $1,000,000 via two tranche closings through issuance of 7,103,334 units (“Units”) at a price of $0.075 per Unit in the first tranche closing and issuance of 6,229,999 Units in the second tranche closing.
Each Unit will consist of one common share and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common share for a period of two (2) years at a price of $0.15 per common share.
Finder’s fees of (i) $16,798, (ii) 96,827 Units and (iii) 10,640 finders’ warrants exercisable at $0.15 per share were paid to three finders.
The securities issued in relation to this private placement are subject to regulatory four-month hold period expiring April 21, 2017, and May 4, 2017.
The net proceeds of the financing will be used to undertake work on its various mineral property interests and for general working capital.
ON BEHALF OF THE BOARD
Chief Executive Officer
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.