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Comstock Metals to raise C$1M for exploration, general working capital

Comstock Metals Ltd. said July 20 that it plans to raiseup to C$1 million through a nonbrokered private placement of company units,with a proposed offering price of 25 Canadian cents each.

A unit will comprise 1 common shareand 0.5 of a nontransferable share purchase warrant, with a whole warrantentitling its holder to acquire 1 common Comstock share at 35 cents for a24-month period from closing, subject to an acceleration clause.

The company will also have theoption to increase the size of the offering by up to 10% prior to the financing'sclosing.

Comstock plans to use the proceedsto fund exploration at its properties and for general working capital.

The miner recently the 2016 explorationprogram at its QVgold project in Canada's Yukon Territory.