BeMetals Announces $7 Million Private Placement with B2Gold Corp. as Lead Investor

BeMetals Corp. (TSXV:BMET)(OTCQB:BMTLF)(Frankfurt:1OI.F) announced a non-brokered private placement offering of up to 70,000,000 units at $0.10 per unit. This will generate gross proceeds of up to $7 million. Each unit consists of one common share and one-half share purchase warrant, with each warrant allowing purchase of one additional share at $0.18 within a year.

B2Gold Corp., a related party, will subscribe for $1.4 million to maintain its 19% stake in BeMetals. Company directors and officers will also participate. The funds will support the Pangeni Copper Project in Zambia, focusing on extending mineralization at the D-Prospect area.

Net proceeds will also cover general corporate purposes. The offering awaits TSX Venture Exchange approval and includes a four-month hold period under Canadian securities laws. The securities won’t be registered under the U.S. Securities Act, thus ineligible for sale in the U.S. without registration or exemption.