Quri-Mayu arranges $2-million financing

Executive Summary

• Quri‑Mayu Developments Ltd. announced a non‑brokered private placement of up to 40 million units at C$0.05 per unit, targeting gross proceeds of up to C$2 million.
• Each unit consists of one common share and half of a common‑share purchase warrant; warrants allow purchase at C$0.10 per share for 24 months with an acceleration clause tied to the TSX‑V price.
• Proceeds will be used to fund exploration, property advancement, and working capital, with flexibility for reallocation as needed.

Key Details

• Placement Size: Up to 40 million units.
• Unit Price: C$0.05 per unit; total gross proceeds target of up to C$2 million.
• Unit Composition: 1 common share + ½ warrant (each warrant = right to purchase 1 share at C$0.10).
• Warrant Terms:
• Exercise price: C$0.10 per share.
• Expiry: 24 months from issuance, unless accelerated.
• Acceleration provision: If TSX‑V closing price ≥ C$0.20 for 10 consecutive trading days, company may give notice and accelerate expiry to 30 days after notice.
• Exemptions Used: Accredited investor and friends/family/business associate exemptions under NI 45‑106 sections 2.3(1) & 2.5.
• Use of Proceeds: Exploration activities, advancement of existing properties, and general working capital; may be reallocated at management’s discretion for sound business reasons.
• Finders’ Fees: May be payable in accordance with TSX‑V policies.
• Statutory Hold Period: All securities subject to a four‑month‑plus‑one‑day hold period per Canadian securities law.
• Closing Conditions: Subject to customary conditions, including TSX‑V approval.

Notable Quotes

(No executive quotes were provided in the release.)