Iconic Minerals Ltd. Closes Non-Brokered Private Placement for Gross Proceeds of $3,750,000

Executive Summary

• Iconic Minerals Ltd. filed for final acceptance of its previously announced non‑brokered private placement of up to 30 million units at $0.125 per unit, targeting gross proceeds of up to $3.75 million.
• Each unit consists of one common share and one warrant (exercise price $0.17, two‑year term); warrants may be accelerated if the share price reaches $0.35 for ten non‑consecutive days after four months.
• Proceeds will fund drilling and exploration at the New Pass gold property in Nevada and provide general working capital.

Key Details

• Offering Size: Up to 30,000,000 units @ $0.125 per unit → $3,750,000 maximum gross proceeds.
• Unit Composition: 1 common share + 1 common share purchase warrant.
• Warrant Terms: Exercise price $0.17 per share; exercisable for two years from issuance; may be accelerated if TSX‑V share price ≥ $0.35 for at least ten non‑consecutive trading days beginning four months after closing.
• Finder Compensation: Total cash payment of $57,881 plus 463,000 finder warrants (exercise price $0.40 per share, two‑year term, same acceleration clause).
• Use of Proceeds: Drilling and advancement of the New Pass gold property exploration program in Nevada; general working capital.
• Holding Period: All securities subject to a four‑month plus one day hold period in Canada.
• Closing Conditions: Subject to TSX Venture Exchange approval; securities not registered under U.S. securities laws and cannot be offered/sold in the United States or to U.S. persons absent exemption.
• Contact: Richard Barnett, Chief Financial Officer – (604) 336‑8614.

Notable Quotes

(No executive quotes were provided in the release.)