Chibougamau Independent Mines completes private placement

On June 27, 2016, Chibougamau Independent Mines Inc. (“CIM”), a company listed on the TSX Venture Exchange, completed a non-brokered private placement in an amount of $1,034,500 by issuing 15,690,000 units and 5,000,000 “flow-through” shares. Each of the units consists of one common share in the capital of CIM and one-half of a common share purchase warrant. Each full warrant entitles its holder to purchase one additional common share of CIM for a period of 18 months. CIM will use the proceeds from the sale of the “flow-through” shares for exploration on its properties in Québec. The net proceeds from the sale of the units will be added to CIM’s working capital. The private placement was preceded by a consolidation of CIM’s shares on the basis of one share for every two shares issued and outstanding, effective June 9, 2016. CIM is one of the largest property holders in the Chibougamau Mining Camp, Québec. Its assets include a first-class, 9,552 hectare exploration package including numerous former copper gold mines. Fasken Martineau, with a team comprised of Neil Wiener and Sébastien Bellefleur, acted as legal counsel to Chibougamau Independent Mines inc. in connection with the share consolidation and private placement.