Minnova Corp. Announces Closing of Brokered LIFE Offering for Gross Proceeds of C$4.82 Million

Executive Summary

• Minnova Corp. closed its best‑efforts private placement, raising C$4.82 million in gross proceeds.
• The offering consisted of 12.9 M units at C$0.20 and 9.7398 M flow‑through units at C$0.23, each unit including a common share and a warrant exercisable at C$0.30 until 2028.
• Net proceeds will fund exploration and development of the PL Gold Mine Project in Manitoba, cover eligible flow‑through mining expenditures, and provide working capital/general corporate purposes.

Key Details

• Units sold: 12,900,000 units @ C$0.20 per unit → C$2,580,000 gross proceeds.
• Flow‑through units sold: 9,739,800 FT units @ C$0.23 per unit → C$2,240,154 gross proceeds.
• Total gross proceeds: C$4,820,154.
• Unit composition: each Unit = 1 common share + 1 warrant; each FT Unit = 1 flow‑through share + 1 warrant.
• Warrant terms: Exercise price C$0.30 per share, exercisable any time up to December 3, 2028.
• Use of proceeds:
• Exploration and advancement of the PL Gold Mine Project (Manitoba).
• Eligible “Canadian exploration expenses” qualifying as flow‑through mining expenditures (to be incurred by Dec 31, 2026; renounced to FT purchasers on Dec 31, 2025).
• Working capital and general corporate purposes.
• Broker compensation: Red Cloud Securities received cash fees of C$256,809.24 plus 1,196,388 non‑transferable broker warrants (exercisable at the Unit price, same expiry as other warrants).
• Hold periods: FT Units and broker warrants subject to a hold period expiring April 4, 2026 (four months + one day after issue).
• Regulatory notes: Offering conducted under NI 45‑106 exemptions; units freely trade in Canada; final TSXV approval pending.
• U.S. restrictions: Securities not registered in the U.S.; no offers or sales to U.S. persons permitted absent exemption.

Notable Quotes

• “The successful closing of this financing provides us with the capital needed to advance our PL Gold Mine project and positions Minnova for continued growth as we transition to lower‑cost open‑pit mining,” – Gorden Glenn, President & CEO.