Vancouver —
Once the placement is closed, Canaccord will receive an administration fee, Cream shares, a commission of 8% in cash and 20% in non-transferable agents’ warrants, which are exercisable for a year at a price of 75.
All shares and warrants are subject to a 4-month hold period from the closing date. A portion of the proceeds will be used to explore the Nuevo Milenio project in Mexico.
Cream has kicked off a 2-stage diamond drill program at its wholly owned Nuevo Milenio property, near Tepic, Mexico. An initial, 1,400-metre phase will be followed by a second 1,400-metre phase, subject to drill results and financing. Drill results are pending.
Drilling is designed to test known epithermal zones of gold-silver mineralization at depth at the following targets:
— At Cerro Chacuaco, two holes will test the Mina Chacuaco and Mina Nanche targets. This area represents a 400-metre-wide zone of disseminated gold-silver mineralization associated with silicification and quartz stockwork.
— At Dos Hornos, two holes will test a 100-metre-wide quartz vein zone hosting disseminated gold-silver below an old exploration adit.
— At Once Bocas, two drill holes will be drilled under old Spanish workings to test a 100-metre-wide zone of quartz veining and stockwork.
— At Chacuaco West, one hole will test disseminated gold-silver mineralization in porous argillic lithic rhyolite tuffs.
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