Vancouver, British Columbia CANADA, February 24, 2014 /FSC/ - Chlormet Technologies Inc (CMT - TSX Venture), ("Chlormet" or the "Company") is announcing today that the Company has approved an increase in the size of its offering re-announced on January 6th, 2014, from 7,400,000 units to 13,000,000 units for gross proceeds of up to $650,000 (the "Offering"). Under the terms of the Offering each Unit consists of one previously unissued common share and one transferable purchase warrant (a "Warrant) of the Issuer. Each Warrant will entitle the holder, on exercise, to purchase one additional common share of the Company (a "Warrant Share") for a period of 18 (eighteen) months from the date of issue of the Warrant. The Warrants will be exercisable at a price of $0.075 per share.
Chlormet intends to use the proceeds of the private placement for project development, general working capital and corporate purposes. The issuer may, in appropriate circumstances, pay a finder's fee in connection with the sale of the Units.
Closing of the Offering is subject to customary conditions including TSX Venture Exchange approval. Any securities issued pursuant to the Offering will be subject to a hold period of four months and one day after closing of the Offering under applicable Canadian securities laws.
About Chlormet Technologies
Chlormet Technologies Inc. has an experienced management team with a growth strategy to develop a diversified portfolio of projects that can be taken into production. The Company's main objective is to add shareholder value through cost efficient acquisitions, joint ventures, and effective marketing while maintaining a lower risk profile through project diversification and sound financial management.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark A. McLeary"
Neither 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.
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Source: Chlormet Technologies Inc. (TSXV: CMT)
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