Blast Resources Closes Upsized Private Placement

Executive Summary

• Blast Resources Inc. closed its upsized non‑brokered private placement, issuing 4,240,000 units at $0.25 per unit for gross proceeds of $1,060,000.
• Each unit consists of one common share and one transferable warrant exercisable at $0.35 per share until March 26 2028, with acceleration provisions if the share price exceeds $0.50 for 10 consecutive trading days.
• Proceeds are earmarked for exploration at the Wales Lake project, operational needs, working capital, and general corporate purposes.

Key Details

• Units Issued: 4,240,000 units @ $0.25 per unit → Gross proceeds: $1,060,000.
• Unit Composition: 1 common share + 1 transferable common‑share purchase warrant.
• Warrant Terms: Right to purchase one additional common share at $0.35 per share; exercisable until March 26 2028.
• Acceleration Clause: If the closing price ≥ $0.50 for 10 consecutive trading days, Blast may give notice that warrants will expire 30 days after notice (expire at 5:00 p.m. Vancouver time on the 30th day).
• Use of Proceeds: Exploration activities at Wales Lake project, operational needs, working capital, and general corporate purposes.
• Holding Period: All securities subject to a four‑month hold period per Canadian securities laws and CSE policies.

Notable Quotes

• “The proceeds raised from the Offering are expected to be used for exploration activities at the Company’s Wales Lake project, operational needs, working capital and general corporate purposes.” – Casey Forward, President and CEO.