Blue Moon closes $5-million (U.S.) private placement

Executive Summary

• Blue Moon Metals closed a $5 million non‑brokered private placement of common shares with Oaktree‑managed fund, marking the first equity subscription toward a $20 million commitment.
• The company received conditional TSX‑V approval and drew the initial $12.5 million instalment of a bridge loan from Oaktree, Hartree Partners, Nussir ASA, Keystone Mines, and guarantors, issuing 1,045,000 common shares to Hartree concurrently.
• These financings are the first steps of an investment package that could provide up to $140 million for development and construction of the flagship Nussir copper‑gold‑silver project in Norway.

Key Details

• Private Placement: Closed $5 M U.S. equity raise; shares subject to a 4‑month‑plus‑1‑day hold period per Canadian securities law.
• Bridge Loan Approval: Conditional TSX‑V approval for an arm’s‑length bridge loan allowing two $12.5 M U.S. draws (total $25 M).
• First Draw Completed: $12.5 M U.S. drawn; 1,045,000 common shares issued to Hartree under the same hold period restrictions.
• Security Package: First‑ranking lien over (i) Nussir ASA’s advanced‑stage sediment‑hosted copper‑gold‑silver project in northern Norway and (ii) the Blue Moon polymetallic VMS deposit in central California, plus all present and after‑acquired personal property of the borrower group.
• Future Funding Potential:
• Up to an additional $12.5 M draw on bridge loan pending standard conditions.
• Up to $15 M further equity from Oaktree/Hartree (non‑binding LOI), capped to keep combined lender ownership below 19.9 %.
• Non‑binding agreements for up to $50 M senior secured term loan and $70 M redeemable precious‑metal stream, intended post‑final investment decision (FID) for Nussir.
• Use of Proceeds: Early works & pre‑construction for Nussir – detailed engineering, procurement of long‑lead items, underground development, operational readiness; bridge loan also provides working capital for the Blue Moon project.
• Milestones: Completion of $50 M term loan and $70 M stream contingent on meeting defined conditions by 31 Mar 2026, including delivery of Worley feasibility study targeted for Feb 2026.
• Legal Counsel: Bennett Jones LLP (Blue Moon); Torys LLP (Hartree/Oaktree).

Notable Quotes

(No direct quotes provided in the release.)