Sterling Metals Announces Upsize of Private Placement of Units and Flow-Through Units

Executive Summary

• Sterling Metals increased its non‑brokered private placement to up to 5,244,452 Units at $1.50 per Unit and up to 2,666,662 Charity Flow‑Through Units at $2.30 per unit, targeting aggregate gross proceeds of up to $14,000,000.60.
• Each Unit includes one common share and half a warrant (full warrant = two halves) exercisable at $3.00 for two years; each Charity FT Unit includes one flow‑through common share and a full warrant on the same terms.
• Net proceeds from Units will fund general working capital, while proceeds from Charity FT Units will be used for eligible Canadian exploration expenses that qualify as flow‑through critical mineral mining expenditures.

Key Details

• Offering Size: Up to 5,244,452 Units + up to 2,666,662 Charity FT Units.
• Pricing: $1.50 per Unit; $2.30 per Charity FT Unit.
• Gross Proceeds Target: Up to $14,000,000.60.
• Unit Composition:
• 1 common share + ½ warrant (two halves = one full warrant).
• Warrant exercise price: $3.00 per common share.
• Warrant term: 2 years from closing.
• Charity FT Unit Composition:
• 1 flow‑through common share + 1 full warrant (same terms as above).
• Commission: Cash commission up to 6% of gross proceeds may be paid to eligible persons.
• Hold Period: Securities subject to a four‑month plus one day hold period and applicable resale rules.
• Use of Proceeds:
• Units – general working capital.
• Charity FT Units – eligible Canadian exploration expenses qualifying as flow‑through critical mineral mining expenditures under the Income Tax Act (Canada).
• Closing Conditions: Subject to regulatory approvals, TSX Venture Exchange approval, and other customary conditions.
• Insider Participation: Anticipated participation by certain insiders.

Notable Quotes

(No direct quotes were provided in the release.)