VANCOUVER, British Columbia, March 22, 2024 (GLOBE NEWSWIRE) -- Major Precious Metals Corp. ("Major Precious Metals" or the "Company") has applied to the British Columbia Securities Commission ("BCSC") for a partial revocation of the failure-to-file cease trade order ("FFCTO") that was issued by the BCSC against the company on January 12, 2023, for failing to file certain outstanding continuous disclosure documents in a timely manner.
If the partial revocation order is granted, the company intends to complete a non-brokered private placement of up to thirty million units ("Units") issued at a price of $0.025 per Unit for gross proceeds of up to $750,000. Each Unit will be comprised of one common share (each a "Share") and one transferable common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Share for a period of five years from closing the Private Placement at a price of $0.05 per Share (the "Private Placement").
The Company intends to use the proceeds from the Private Placement to prepare and file all outstanding financial statements and continuous disclosure records, pay all outstanding related fees and penalties, meet certain financial obligations and to continue operations until it can apply for and receive a full revocation of the FFCTO. If and when the Private Placement is completed, and the Company has filed all such outstanding financial statements and continuous disclosure records, the Company intends to apply for a full revocation of the FFCTO.
In accordance with applicable securities legislation, all Shares issued pursuant to the Private Placement will be subject to a hold period of four months and a day from the closing date of the Private Placement.
All of the Company's securities issued in connection with the Private Placement, will remain subject to the FFCTO until such order is fully revoked. The granting of the partial revocation order by the BCSC does not guarantee the issuance of a full revocation order in the future.
For more information contact:
David DesLauriers
Director and Interim CEO
Suite 1890 - 1075 West Georgia Street
Vancouver, BC, V6E 3C9
Ph: 604-687-2038
About Major Precious Metals Corp.
Major Precious Metals is a Canadian mining company advancing exploration of its flagship Skaergaard Project in eastern Greenland, which contains one of the world's largest palladium and gold deposits outside the major PGM producing areas of Russia and South Africa. The Company is focused on creating shareholder value by accelerating the progress of the Skaergaard Project along the Mine Development Cycle.
Additional information relating to Major Precious Metals is available at www.sedarplus.com.
Forward-looking Information Statement
This news release may contain certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and United States securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
