EraNova Metals Announces Closing of Oversubscribed Non-Brokered Private Placement

Executive Summary

• EraNova Metals Inc. closed its previously announced non-brokered private placement, raising gross proceeds of $627,524.70 through the issuance of 4,183,498 common shares.
• The financing was oversubscribed due to strong investor demand, exceeding the initial $600,000 target.
• Net proceeds will be allocated to ongoing technical work, completion of a NI 43-101 Preliminary Economic Assessment (PEA) for the Adanac Molybdenum Project, marketing/investor initiatives, and general working capital.

Key Details

• Gross Proceeds: $627,524.70
• Shares Issued: 4,183,498 common shares
• Price per Share: $0.15
• Financing Structure: Non-brokered private placement; initially targeted $600,000 but was oversubscribed
• Regulatory Hold: Securities subject to a 4-month regulatory hold period expiring on October 6, 2026
• Regulatory Approval: Pending final approval from the TSX Venture Exchange
• Finder's Fees: $39,726.75 total (7% of gross proceeds), allocated to Stephen Avenue Securities ($1,750), Research Capital Corporation ($2,625), Canaccord Genuity Corp. ($3,501.75), Ventum Financial Corp. ($2,100), and Haywood Securities Inc. ($29,750)
• Use of Proceeds: Support ongoing technical work, complete NI 43-101 compliant PEA for the Adanac Molybdenum Project, fund marketing and investor awareness initiatives, and provide general working capital
• Related Party Participation: A director/officer acquired 133,333 common shares; the company relied on exemptions from MI 61-101 formal valuation and minority shareholder approval requirements as the transaction value did not exceed 25% of market capitalization

Notable Quotes

• "This financing allows us to complete one of the most important milestones in the Company's history," said Meredith Eades, President and CEO. "The Adanac Molybdenum Project already benefits from extensive historical drilling, engineering and permitting work, and the upcoming PEA will provide the first modern assessment of its economic potential. We believe this study has the potential to significantly enhance market understanding of the value of the project."