Blast Resource closes $1.06-million private placement

Executive Summary

• Blast Resources Inc. has closed its previously announced upsized non-brokered private placement, raising $1.06 million in gross proceeds.
• The offering issued 4.24 million units at $0.25 per unit, with each unit consisting of one common share and one transferable warrant.
• Net proceeds will be directed toward exploration at the Wales Lake project, operational needs, working capital, and general corporate purposes.

Key Details

• Gross proceeds: $1.06 million
• Units issued: 4.24 million units
• Price per unit: $0.25
• Unit composition: 1 common share + 1 transferable common share purchase warrant
• Warrant exercise price: $0.35 per common share
• Warrant expiration: March 26, 2028 (subject to acceleration)
• Acceleration clause: If the closing share price reaches or exceeds $0.50 for 10 consecutive trading days, the company may issue written notice for warrants to expire 30 days later unless exercised prior to that date.
• Use of proceeds: Exploration activities at the Wales Lake project, operational needs, working capital, and general corporate purposes
• Hold period: 4 months in accordance with applicable Canadian securities laws and CSE policies
• Offering structure: Non-brokered private placement