TSX-V: TT Announces Closing of Tranche 1 of Financing for $2.71MM

Executive Summary

• Total Metals Corp. closed the first tranche of its non‑brokered private placement, raising C$2,713,500 in gross proceeds.
• The offering consisted of 3,015,000 units priced at C$0.90 per unit, each unit containing one common share and one warrant to purchase an additional share at C$1.15 for 36 months.
• Net proceeds are earmarked for advancing the Electrolode Project, High Lake and West Hawk Lake Projects, plus working capital and general corporate purposes.

Key Details

• Units Issued: 3,015,000 (each = 1 common share + 1 warrant).
• Price per Unit: C$0.90 → Gross proceeds: C$2,713,500.
• Warrant Terms: Exercise price C$1.15 per share; exercisable for 36 months from issuance.
• Statutory Hold Period: 2,965,000 units subject to a four‑month‑and‑one‑day hold under Canadian securities law and TSX‑V policies.
• Units Sold Outside Canada: 50,000 units exempt from the hold period under OSC Rule 72‑503.
• Finder Compensation: Cash finder’s fees of C$62,064 paid; 68,960 non‑transferable finder warrants issued (each entitles purchase of one common share at C$0.90 for 36 months).
• Use of Proceeds: Advancement of the wholly owned Electrolode Project, High Lake and West Hawk Lake Projects; also for working capital and general corporate purposes, with flexibility to reallocate as needed.

Notable Quotes

“The successful closing of Tranche 1 provides us with essential capital to accelerate exploration at our flagship Electrolode project and advance our high‑potential assets in the Red Lake Gold camp,” – Tyler Thorburn, President & CEO.