FIREWEED METALS CORP. (“
Fireweed” or the
“
Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly
Fireweed Zinc Ltd.) is pleased to provide an update on the
non-brokered private placement (the “
Offering”)
first announced August 10, 2023.
The Offering was made available to existing
shareholders with lead orders from the Lundin Family, Larry
Childress, and others. It is fully subscribed with all allocations
finalized. The Company will now work with counterparties to
complete all necessary steps with final closing of the Offering
expected to be August 31, 2023.
The Offering
The Offering consists of 8,750,000 flow-through
common shares of the Company at a price of CAD$1.92 per share
through a charitable donation arrangement (“Premium
Flow-through Shares”). The proceeds from the Offering will
be used for exploration and development of the Company’s projects
in northern Canada. The gross proceeds from the issuance of all
Premium Flow-through Shares will be used on the Company’s projects
to incur Canadian Exploration Expenses (“CEE”)
which will qualify as “flow-through critical mineral mining
expenditures” under the Income Tax Act (Canada). These expenses
will be renounced by the Company to the purchasers of Premium
Flow-through Shares with an effective date no later than December
31, 2023, in an aggregate amount no less than the proceeds raised
under the Offering. The issuance of any Common Shares to insiders
will constitute a “related party transaction”, as defined under
Multilateral Instrument 61-101 (“MI 61-101”). Such
participation will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the securities acquired by the insiders, nor the
consideration for the securities paid by such insiders, will exceed
25% of the Company’s market capitalization. Closing of the Offering
is subject to certain customary conditions, including, but not
limited to, the receipt of all necessary regulatory approvals and
acceptance of the TSX Venture Exchange. All securities issued under
the Offering will be subject to a statutory hold period of four
months plus a day following the date of closing.
About Fireweed Metals Corp. (TSXV: FWZ;
OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public
mineral exploration company on the leading edge of Critical
Minerals project development. Fireweed is well-funded, with a
healthy working capital position, and is well-positioned to carry
out a large 2023 exploration program. The Company has three
projects located in Canada:
-
Macmillan Pass Project
(Zinc-Lead-Silver): Fireweed owns 100% of
the district-scale 940 km2 Macmillan Pass Project in Yukon, Canada,
which is host to one of the largest undeveloped zinc resources in
the world* where the Tom and Jason zinc-lead-silver deposits have
current Mineral Resources1 (11.21 Mt Indicated Resource at 6.59%
zinc, 2.48% lead, and 21.33 g/t silver; and 39.47 Mt Inferred
Resource at 5.84% zinc, 3.14% lead, and 38.15 g/t silver) and a
Preliminary Economic Assessment2 (PEA). In addition, Boundary Zone,
Tom North and End Zone have significant zinc-lead-silver
mineralization drilled but not yet classified as mineral resources.
The Project also includes large blocks of adjacent claims with
known showings and significant upside exploration potential.
-
Mactung Project (Tungsten): The
Company owns 100% interest in the 37.6 km2 Mactung Project located
adjacent to the Macmillan Pass Project. Recently announced mineral
resources for Mactung (41.5 Mt Indicated Resource at 0.73% WO3 and
12.2 Mt Inferred Resource at 0.59% WO3)3 make it the world’s
largest high-grade resource of the Critical Mineral tungsten*.
Located in Canada, it is one of the rare large tungsten resources
outside of China*.
-
Gayna River Project
(Zinc-Lead-Gallium-Germanium): Fireweed
owns 100% of the 128.75 km2 Gayna River Project located 180 km
north of the Macmillan Pass Project. It is host to extensive
mineralization including Critical Minerals zinc, gallium and
germanium as well as lead and silver, outlined by 28,000 m of
historical drilling and significant upside potential.
In Canada, Fireweed (TSXV: FWZ) trades on the
TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on
the OTCQB Venture Market for early stage and developing U.S. and
international companies and is DTC eligible for enhanced electronic
clearing and settlement. Investors can find Real-Time quotes and
market information for the Company on www.otcmarkets.com. In
Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock
Exchange.
Technical information in this news release has
been approved by Fireweed’s VP Geology, Dr. Jack Milton, P.Geo.
(BC), a ‘Qualified Person’ as defined under Canadian National
Instrument 43-101.
Additional information about Fireweed and its
projects can be found on the Company’s website
at FireweedMetals.com and at www.sedar.com.
ON BEHALF OF FIREWEED METALS
CORP.
“Brandon Macdonald”
CEO & Director
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.
Cautionary Statements
Offering Disclosure Statements
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the Company’s
securities in the United States. The Company’s shares have not been
and will not be registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Forward-Looking Statements
This news release contains “forward-looking”
statements and information (“forward-looking statements”). All
statements, other than statements of historical facts, included
herein, including, without limitation, statements relating to
interpretation of drill results, future work plans, the use of
funds, and the potential of the Company’s projects, are
forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “potential”,
“possible”, and similar expressions, or statements that events,
conditions, or results “will”, “may”, “could”, or “should” occur or
be achieved. Forward-looking statements are based on the beliefs of
Company management, as well as assumptions made by and information
currently available to Company management and reflect the beliefs,
opinions, and projections on the date the statements are made.
Forward-looking statements involve various risks and uncertainties
and accordingly, readers are advised not to place undue reliance on
forward-looking statements. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include but are
not limited to, exploration and development risks, unanticipated
reclamation expenses, expenditure and financing requirements,
general economic conditions, changes in financial markets, the
ability to properly and efficiently staff the Company’s operations,
the sufficiency of working capital and funding for continued
operations, title matters, First Nations relations, operating
hazards, political and economic factors, competitive factors, metal
prices, relationships with vendors and strategic partners,
governmental regulations and oversight, permitting, seasonality and
weather, technological change, industry practices, uncertainties
involved in the interpretation of drilling results and laboratory
tests, and one-time events. The Company assumes no obligation to
update forward‐looking statements or beliefs, opinions, projections
or other factors, except as required by law.
Footnotes and References
* References to relative size and grade of the
Mactung resources and Macmillan Pass resources in comparison to
other tungsten and zinc deposits elsewhere in the world,
respectively, are based on review of the Standard & Poor’s
Global Market Intelligence Capital IQ database.
1: For details see http://www.sedar.com/
Fireweed Technical Report titled “NI 43-101 Technical Report on the
Macmillan Pass Zinc-Lead-Silver Project, Watson Lake and Mayo
Mining Districts Yukon Territory, Canada” filed on www.SEDAR.com on
February 23, 2018, and Fireweed News Release dated January 10,
2018.
2: For details see http://www.sedar.com/
Fireweed Technical Report titled “NI 43-101 Technical Report
Macmillan Pass Project Yukon Territory Canada” filed on
www.SEDAR.com on July 9, 2018, and Fireweed News Release dated May
23, 2018. This Technical Report includes a Preliminary Economic
Analysis disclosing an economic analysis of mineral resources that
is preliminary in nature and does not include any mineral reserves.
It is equally emphasized that the mineral resources disclosed
within this Technical Report are not mineral reserves and do not
have demonstrated economic viability.
3: For details see Fireweed news release dated
June 13, 2023 “Fireweed Metals Announces Mineral Resources for the
Mactung Project: the Largest High-Grade Tungsten Deposit in the
World” and the technical report entitled “NI 43-101 Technical
Report, Mactung Project, Yukon Territory, Canada,” with effective
date July 28, 2023 filed on www.SEDAR.com.
Contact: Brandon MacdonaldPhone: (604)
646-8361Email: info@fireweedmetals.com
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