Vancouver, British Columbia CANADA, February 26, 2014 /FSC/ - Chlormet Technologies Inc (CMT - TSX Venture, HR2N - FSE),("Chlormet" or the "Company") is pleased to announce that subject to the satisfaction of standard conditions including the receipt of final TSX Venture Exchange approval, it has completed its previously announced private placement (see news release dated February 24th, 2014) of 13,256,000 units at a price of $0.05 per unit, for gross proceeds of $662,800 (the "Offering"). The close is inclusive of an over-subscription of 256,000 units for gross proceeds of $12,800 which is approximately 2% greater than previously announced.
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.
Certain persons assisted the Company by introducing potential subscribers for the Offering and the Company intends to pay a finder's fee of 10% of the total subscription proceeds received from subscribers introduced to the Company by each particular person. Additionally, the Company intends to pay certain persons compensation warrants ("Finders Warrants") consisting of 10% of the total number of Units subscribed for by subscribers introduced to the Company by each particular finder. Each Finders Warrant is exercisable for a period of 18 months from closing at a price of $0.075. The Company may pay a total finder's commission of $14,500 and issued 290,000 Finders Warrants in connection with the Offering.
All Shares and Warrants issued pursuant to the Offering are subject to a hold period of four months and one day after closing of the offering under applicable Canadian securities laws and the policies of the TSX Venture Exchange.
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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