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Affinity Metals Corp. Announces Closing of Over-Subscribed Flow-Through Private Placement

Newsfile Corp.
·3 mins read

Vancouver, British Columbia--(Newsfile Corp. - August 14, 2020) - Affinity Metals Corp. (TSXV: AFF) (the "Company" or "Affinity") announces that it has completed the closing of its over-subscribed non-brokered $0.45/flow-through unit private placement previously announced on August 4, 2020, and has issued 1,022,229 flow-through units for gross proceeds of $460,003.05. In connection with this private placement, the Company paid finder's fees totaling $28,000 cash and 62,222 compensation warrants, with each warrant being exercisable for one common share at a price of $0.65 for 18 months. All securities issued under this financing are subject to a four month hold period expiring December 12, 2020, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

About Affinity Metals

Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following the Project Generator model.

Affinity is advancing the Regal and West Timmins Gold projects.

The Regal is located near Revelstoke, British Columbia, Canada in the northern end of the prolific Kootenay Arch and hosts two major geophysical anomalies as well as three past producing mines.

The West Timmins Gold property is located near Timmins, Ontario, Canada and adjoins Melkior's Carscallen project. The first drill hole has been completed and the core is now being logged, split and sampled in preparation for assaying.

On behalf of the Board of Directors

Robert Edwards, CEO and Director of Affinity Metals Corp.

The Company can be contacted at: info@affinity-metals.com.

Information relating to the Company is available at: www.affinity-metals.com

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.

Forward-looking information

Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/61719