CHIMATA GOLD CORP SHAREHOLDERS VOTE OVERWHELMINGLY TO APPROVE ALL MATTERS AT THE ANNUAL GENERAL MEETING; COMPANY TO CHANGE ITS NAME TO CAT STRATEGIC METALS CORPORATION
Vancouver, BC December 21, 2018 – Chimata Gold Corp. (CSE: CAT) (“Chimata” or the “Company”) announces that at its Annual General Meeting (the “AGM”) held December 12, 2018, all of the management’ recommended resolutions put in front of the shareholders, as contained in the Company’s Information Circular posted on SEDAR on November 21, 2018, received overwhelming support and approval with almost 100% of the votes cast by shareholders represented by proxy or attending physically the AGM.
One of the resolutions voted on by the shareholders at the AGM was to change the Company’s name from “Chimata Gold Corp” to “CAT Strategic Metals Corporation”. This new name better represents the Company’s current focus on Lithium with its Kamativi Lithium Tailings Project in Zimbabwe and better reflects the corporate business focus going forward. The Company will undertake the necessary corporate and regulatory actions to affect the name change as soon as is practicable.
The Company also announces that it has cancelled the contemplated $2,000,000 convertible debenture and concurrent $200,000 equity financing announced November 2, 2018 due to changing and unsatisfactory market conditions. The Company retained the services of an external consultant (the “Consultant”) to provide Investor Relations Activities, as defined in applicable Canadian Securities Exchange’s policies in consideration of 2,000,000 units of the Company (each a “Compensation Unit”) at a price of $0.10 per Unit. Each Unit is comprised of one (1) common share (each a “Common Share”) and one (1) warrant (each a “Warrant”) exercisable at a price of $0.20 for a period of two years from the date of issuance. The Compensation Units are being held in escrow and will be released to the Consultant over a four month period to the Consultant in four equal instalments of 500,000 Compensation Units.
ON BEHALF OF THE BOARD
Richard Groome Chairman and Interim President & CEO
Further information regarding the Company can be found on SEDAR at www.SEDAR.com, or by contacting the Company directly at (604) 674-3145.
This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted production outline due to regulatory, technical or
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economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbour.