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VANCOUVER, BC, Dec. 3, 2024
/CNW/ - Capella Minerals Ltd (TSXV: CMIL) (OTCQB: CMILF)
(FRA: N7D2) ("Capella" or the "Company") is pleased to announce a
corporate update and non-brokered financing concurrently with share
consolidation. Capella will focus on its Northern Finland gold-copper projects and the
advanced exploration-stage Hessjøgruva copper-cobalt-zinc project
in central Norway, having
streamlined its portfolio through the divestiture of non-core
assets in the Americas.
Capella also entered in to a strategic partnership with Teako
Minerals Corp. ("Teako")(CSE: TMIN) to explore and drill the Løkken
copper-cobalt-zinc project in central Norway (see Company News Release dated
August 19, 2024). Subject to final
permit approvals, Teako currently expects to initiate first-pass
drilling on the Åmot target in Q1, 2025.
The Company wishes to raise sufficient funds to scout drill the
Killerö E target, the former Anglo
American gold-copper target located in the Central Lapland
Greenstone Belt ("CLGB") of Northern
Finland. At present, high interest exists for the discovery
of orogenic gold-copper deposits in the CLGB, which currently hosts
a world-class producing gold mine and a development-stage gold
project. The Killerö E gold-copper target is broadly located on a
NE-trending splay that cross-cuts the highly-prospective Sirkka
Thrust Zone, which is host to a number of successful gold
exploration projects. The Killerö E property is fully permitted and
drill-ready, and full subscription to the financing will allow the
planned drill program to proceed.
The Company has secured commitment for participation from a
major gold producer as well as support from its Board of
Directors.
Share Consolidation and Financing
In order to provide a solid foundation for the advancement of
the priority Killerö E & W targets (historical "base of till"
gold-copper geochemical anomalies) and the Saattopora W target
(western extension of the former Outokumpu Oy Saattapora
gold-copper mine) in the CLGB, the Company wishes to announce that
its Board of Directors has approved a consolidation of its common
shares on the basis of one new common share for every six
outstanding shares (6 old:1 new).
In addition, Capella's Board of Directors has approved a
non-brokered private placement of up to 15,000,000 units ("Units")
at $0.05 per Unit to raise gross
proceeds of up to $750,000 on a
post-consolidated basis, with possibility to expand. Each Unit
shall consist of one post-consolidated share and one-half of one
share purchase warrant, each whole warrant entitling the holder to
acquire an additional post-consolidated share, at a price of
$0.10 per post-consolidated share for
a period of two years from date of issuance. Gross proceeds of up
to $750,000 will be used for
advancing the Company's Scandinavian projects and general working
capital.
Furthermore, both the Company's Directors and Management have
taken positive steps to contain cash costs and to reduce staff
payables with some staff participating in this raise on a debt for
shares exchange on the same terms as this financing excluding the
warrant.
These transactions will be subject to Exchange acceptance, and
finder's fees may be paid in accordance with TSX Venture Exchange
guidelines. All securities issued pursuant to the private placement
will be subject to a regulatory four month hold period trading
restriction.
Qualified Persons and Disclosure Statement
The technical information presented in this news release has
been prepared in accordance with Canadian regulatory requirements
set out in NI 43-101 and approved by Eric
Roth, the Company's President & CEO, a Director, and a
Qualified Person under NI 43-101. Mr. Roth holds a Ph.D. in
Economic Geology from the University of Western Australia, is a Fellow of the
Australian Institute of Mining and Metallurgy (AusIMM) and is a
Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 35
years of experience in international minerals exploration and
mining project evaluation.
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D., FAusIMM
President
& CEO
About Capella Minerals Ltd
Capella is a Canadian exploration and development company with a
focus on gold-copper projects in the Central Lapland Greenstone
Belt of northern Finland &
copper-cobalt projects in Norway.
In northern Finland, the
Company's portfolio consists of 5 copper-gold projects - including
the priority Killerö E target (a former Anglo American project that was never drilled)
and the Saattopora W target (the western extension to Outokumpu
Oy's Saattopora former copper-gold mine) - all of which are located
about 40km SW of Agnico Eagle's Kittilä Gold Mine, currently the
largest gold producer in Europe.
In the Trøndelag Province of central Norway, the Company's focus is on the
discovery of high-grade copper-cobalt massive sulfide (VMS)
deposits in the former mining districts of Løkken and Røros. The
Company's portfolio includes: i) a 100% interest in the
advanced exploration-stage Hessjøgruva copper-cobalt project and
adjacent Kongensgruve project in the northern Røros mining
district, and ii) exposure to the discovery of new satellite
copper-cobalt-zinc VMS targets around the past-producing Løkken
copper mine through a strategic partnership with Teako Minerals
(CSE: TMIN).
Capella also holds significant equity positions in Teako
Minerals (CSE: TMIN) and Grit Metals Corp. (formerly European
Energy Metals Corp; TSXV: FIN) as a direct result of the recent
divestiture of non-core assets.
For additional information you are cordially invited to
visit the Capella Minerals Ltd website at www.capellaminerals.com,
or contact Karen Davies, VP
Shareholder Relations and Corporate Development, at Tel:
+1.604.314.2662
Cautionary Notes and Forward-looking
Statements
This news release contains forward-looking
information within the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
future results of operations, performance and achievements of
Capella, including the timing, completion of and results from the
exploration and drill programs described in this release. Although
the Company believes that such statements are reasonable, it can
give no assurances that such expectations will prove to be correct.
All such forward-looking information is based on certain
assumptions and analyses made by Capella in light of their
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors
management believes are appropriate in the circumstances. This
information, however, is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. Important factors that could cause
actual results to differ from this forward-looking information
include those described under the heading "Risks and Uncertainties"
in Capella's most recently filed MD&A. Capella does not intend,
and expressly disclaims any obligation to, update or revise the
forward-looking information contained in this news release, except
as required by law. Readers are cautioned not to place undue
reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Capella Minerals Limited
