Bolt Metals increases financing to $6-million

Executive Summary

• Bolt Metals Corp. is upsizeing its previously announced non-brokered private placement of special warrants from $4 million to $6 million due to significant investor interest.
• The offering now consists of up to 19,354,838 special warrants priced at $0.31 per warrant, resulting in aggregate gross proceeds of up to $6 million.
• Proceeds will be used for continuing exploration activities and general working capital.

Key Details

• Transaction Type: Upsize of Non-Brokered Private Placement of Special Warrants.
• Previous Offering Size: Up to 12,903,225 special warrants for up to $4 million.
• New Offering Size: Up to 19,354,838 special warrants for up to $6 million.
• Price Per Unit: $0.31 per special warrant.
• Gross Proceeds: Increased from up to $4 million to up to $6 million.
• Conversion Terms: Each special warrant automatically converts into one unit of the company for 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.
• Unit Composition: Each unit comprises one common share and one share purchase warrant.
• Warrant Terms:
  • Exercise Price: $0.41 per share.
  • Duration: Two years from the date of closing.
  • Blocker Provision: 10% blocker provision restricts exercise if it would result in a securityholder holding 10% or more of issued and outstanding shares.
• Use of Proceeds: Operations, administrative costs, continuing exploration activities, and general working capital.
• Regulatory/Listing Conditions: Subject to approval of the Canadian Securities Exchange (CSE) and other necessary approvals.
• Hold Period: Four-month hold period from the date of closing for securities issued under the offering, in addition to any other legal restrictions.
• Exemptions: Issued pursuant to exemptions under National Instrument 45-106 (e.g., accredited investor, $150,000 minimum investment).
• Finders' Fees: May be paid within CSE policy limits.

Notable Quotes

• None provided in the text.