Arctic Fox Closes Private Placement And Announces Management Changes

Executive Summary

• Arctic Fox Lithium closed the second tranche of a non‑brokered private placement, issuing 3,200,000 units at CAD $0.10 per unit for gross proceeds of CAD $320,000 (total CAD $500,000 from both tranches).
• The proceeds will be used for general working capital.
• Kirby Renton was appointed as the new Director, President and CEO, succeeding Eddy Siu (director) and Harry Chew (President & CEO), with Chew remaining on the board.

Key Details

• Private Placement: 3,200,000 units sold at CAD $0.10 per unit → CAD $320,000 gross proceeds; combined with first tranche for total CAD $500,000.
• Unit Composition: Each unit = 1 common share + 1 warrant to purchase an additional share at CAD $0.12 for 24 months.
• Use of Proceeds: General working capital purposes.
• Holding Period: Securities subject to a four‑month plus one‑day hold period under securities law.
• Finder’s Fees: None paid in connection with the placement.
• Management Change: Kirby Renton appointed Director, President and CEO effective immediately.
• Background of New CEO: Current COO & Director of UraniumX Development Corp.; 20+ years experience across energy, midstream, technology sectors; previous senior roles at Novacor Exploration, Foundation Auto Group, Border Surplus Management, Renton Land Services, Predator Midstream.
• Departures: Eddy Siu resigned as director; Harry Chew resigned as President & CEO but will stay on the board.

Notable Quotes

(No direct quotes were provided in the release.)