Bolt Metals closes $6-million private placement

Executive Summary

• Bolt Metals Corp. has closed its previously announced non-brokered private placement, raising aggregate gross proceeds of $6 million.
• The company issued 19,354,838 special warrants at a price of $0.31 per warrant, which automatically convert into units consisting of one common share and one common share purchase warrant.
• Proceeds are designated for continuing exploration activities and general working capital.

Key Details

• Gross Proceeds: $6,000,000
• Instrument Issued: 19,354,838 special warrants
• Price per Unit: $0.31 per special warrant
• Conversion Terms: Special warrants automatically convert into one unit (one common share + one common share purchase warrant) at no additional consideration.
• Conversion Trigger: The earlier of (i) three business days after filing a prospectus supplement to a short-form base shelf prospectus, or (ii) four months and one day after closing.
• Warrant Terms (Underlying Units): Each unit includes one common share purchase warrant exercisable into one additional share at an exercise price of $0.41 until February 23, 2028.
• Use of Proceeds: Continuing exploration activities and general working capital.
• Finders' Fees: Cash fees of $167,222.75 paid to finders.
• Broker Warrants: 539,428 broker warrants issued in connection with the offering.
• Broker Warrant Terms: Exercisable into one share at an exercise price of $0.41 until February 23, 2027.
• Hold Periods: Securities issued are subject to a four-month hold period from the date of closing; broker warrants are subject to a four-month-and-one-day hold period.
• Regulatory Basis: Issued pursuant to exemptions from prospectus requirements under Canadian securities laws.