Slam closes $689,000 first tranche of financing

Executive Summary

• Slam Exploration Ltd. closed the first tranche of its non‑brokered private placement, raising gross proceeds of $689,000 from the issuance of 1,722,500 units at C$0.40 per unit.
• Each unit comprised four flow‑through common shares, one non‑flow‑through common share, and 2.5 transferable non‑flow‑through common share purchase warrants (two half‑warrants equal one whole warrant).
• Proceeds will be allocated to Canadian exploration expenses on New Brunswick properties (flow‑through portion) and general corporate purposes, including working capital and development activities (non‑flow‑through portion).

Key Details

• Units Issued: 1,722,500 at C$0.40 each → gross proceeds $689,000.
• Unit Composition:
• 4 flow‑through common shares
• 1 non‑flow‑through common share
• 2.5 transferable non‑flow‑through common share purchase warrants (each whole warrant = right to buy one common share at C$0.12 for 24 months).
• Warrant Acceleration Clause: If TSX‑V VWAP ≥ C$0.20 for 30 consecutive trading days, warrants may expire 20 days after a press release announcing acceleration.
• Use of Proceeds – Flow‑Through Shares: Fund Canadian exploration expenses (CEE) on New Brunswick properties; eligible for the 30 % critical mineral exploration tax credit; expenditures to be renounced to subscribers by Dec 31 2025 (or later as permitted).
• Use of Proceeds – Non‑Flow‑Through Shares & Warrants: General corporate purposes, working capital, and corporate development activities.
• Regulatory Conditions: Subject to final acceptance by the TSX‑V and other required approvals.
• Statutory Hold Period: Four months and one day from closing; expires Jan 19 2026.
• Finder’s Fees: Cash payments of C$1,200 plus issuance of 3,000 non‑transferable finder warrants (each warrant = right to buy one common share at C$0.12 for 24 months).
• Insider Participation: Four insiders purchased a total of 335,000 units; transaction qualifies as a related‑party transaction under MI 61‑101 with exemptions applied (fair market value and consideration each < 25 % of market cap).
• Future Tranches: Company expects to complete one or more additional tranches on or before Sept 26 2025.

Notable Quotes

(No direct quotes were provided in the release.)