Chibougamau Independent Mines Inc. (TSXV:CBG) announced a non-brokered private placement of up to 15,000,000 units at a price of CAD 0.05 per unit and up to 5,000,000 flow-through common shares at a price of CAD 0.05 per share for the aggregate gross proceeds of up to CAD 1,000,000 on May 13, 2016. Each unit will consist of one common share and one half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.10 per share for a period of 18 months from the date of closing. If the closing price of the common shares of the company on the TSX Venture Exchange is at least CAD 0.15 for a period of 20 consecutive trading days at any time starting four months after the closing date of the private placement, the company can accelerate the expiry date of the warrants by issuing a press release announcing a new expiry date, which will be 30 days after the date of the press release. The company may pay cash sales commission of 6% to 8% of the gross proceeds and issue agent's warrants equivalent to 6% to 8% of the total number of units issued and issue additional common shares equivalent to 6% to 8% of the flow-through shares issued. Each agent's option will entitle the holder to purchase one common share at an exercise price of CAD 0.05 per share for a period of two years from the date of closing. The transaction is subject to approval from TSX Venture Exchange. On May 17, 2016, the transaction received conditional TSX Venture Exchange approval.