FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Domestic Metals Corp. (the “Company” or “Domestic”) – (TSXV: DMCU; OTCQB: DMCUF; FSE: 03E) announces a nonbrokered private placement (the “Placement”) of up to 13,043,478 units (the “Units”) at a price of $0.23 per Unit (the “Offering”) for gross proceeds of up to $3,000,000. Each Unit will consist of one common share of the Company (a “Share”) and one-half of one common Share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to acquire one additional Share of the Company for a period of three years from the date of issuance at a price of $0.33 per Share. Expiry of the Warrants may be accelerated if the closing price of the Company’s Shares on the TSX Venture Exchange (“TSXV”) is equal to or greater than $0.60 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the Warrants.
Insiders may participate and finders’ fees may be payable to qualified arm’s length parties that have introduced the Company to certain subscribers participating in the Offering. All securities issued in the Offering are subject to a four-month hold period, during which time the securities may not be traded. Closing of the Offering is subject to the approval of the TSXV.
The net proceeds from the Offering are intended for exploration of the Company’s Smart Creek Property, in Montana, U.S.A., and for general working capital. This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company further reports appointment of Stuart Ross as Chief Financial Officer of the Company and Marla Ritchie as Corporate Secretary of the Company, replacing Jeannine Webb in these positions. The Company thanks Ms. Webb for her tenure as CFO and Corporate Secretary.
Mr. Ross has had a distinguished career as a senior officer and director of several public companies, including companies listed on the NASDAQ and TSXV. His sector experience includes mining, beverage production and distribution, medical services, gaming and merchant banking, including 17 years as a senior officer and director of Clearly Canadian Beverage Corp. (1986 to 2003). Most recently, Stuart was President and CEO of El Tigre Silver Corporation and Cardero Resource Corp.
Ms. Ritchie brings over 25 years of experience in public markets as an administrator and Corporate Secretary. She is currently the Corporate Secretary for Wealth Minerals Ltd., World Copper Ltd., and Gelum Resources Ltd.
About Domestic Metals Corp.
Domestic Metals Corp. is a mineral exploration company focused on the discovery of large-scale, copper and gold deposits in exceptional, historical mining project areas in the Americas.
The Company aims to discover new economic mineral deposits in historical mining districts that have seen exploration in geologically attractive mining jurisdictions, where economically favorable grades have been indicated by historic drilling and outcrop sampling.
The Smart Creek Project is strategically located in the mining-friendly state of Montana, containing widespread copper mineralization at surface and hosts 4 attractive porphyry copper, epithermal gold, replacement and exotic copper exploration targets with excellent host rocks for mineral deposition.
Domestic Metals Corp. is led by an experienced management team and an accomplished technical team, with successful track records in mine discovery, mining development and financing.
On behalf of Domestic Metals Corp.
Patricio Varas, Chairman and CEO
(604) 831-9306
For more information on Domestic Metals, please contact:
Patricio Varas, Phone: 604-831-9306 or Michael Pound, Phone: 604-363-2885.