Bolt Metals arranges $4-million private placement

Executive Summary

• Bolt Metals Corp. has arranged a non-brokered private placement of up to 12,903,225 special warrants at a price of $0.31 per warrant, raising aggregate gross proceeds of up to $4 million.
• The special warrants will automatically convert into units consisting of one common share and one share purchase warrant, with conversion triggered by the filing of a prospectus supplement or four months and one day after closing.
• Proceeds are intended for continuing exploration activities, operations, and general working capital.

Key Details

• Instrument: Non-brokered private placement of special warrants.
• Quantity: Up to 12,903,225 special warrants.
• Price: $0.31 per special warrant.
• Gross Proceeds: Up to $4,000,000.
• Conversion Terms:
  • Each special warrant converts into one unit (one common share + one share purchase warrant).
  • Conversion occurs for no additional consideration.
  • Timing: 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 the closing of the offering.
• Warrant Terms:
  • Each unit includes one share purchase warrant.
  • 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 receipt of necessary approvals, including approval of the Canadian Securities Exchange (CSE).
• Exemptions: Issued pursuant to exemptions under National Instrument 45-106 (e.g., accredited investor, $150,000 minimum investment).
• Hold Period: Four-month hold period from the date of closing applies prior to the filing of the prospectus supplement and automatic conversion.
• Finders' Fees: The company may pay finders' fees within CSE policy limits.