Canadian Critical closes first tranche of financing

Executive Summary

• Canadian Critical Minerals Corp. has closed the first tranche of its private placement, raising gross proceeds of $588,850.
• The company plans to close a second tranche next week, subject to final TSX Venture Exchange approval.
• Proceeds are designated for restarting the Bull River mine project and working capital.

Key Details

• Gross Proceeds: $588,850 raised in the first tranche.
• Units Issued: 16,824,286 units issued at a price of 3.5 cents per unit.
• Unit Composition: Each unit consists of one common share and one common share purchase warrant.
• Warrant Terms: Each warrant is exercisable into one common share at an exercise price of five cents for a period of five years.
• Finders' Fees: The company paid $2,401 in cash fees and issued 68,600 finders' warrants.
• Finders' Warrant Terms: Each finder's warrant allows the purchase of one common share at five cents for a period of two years.
• Hold Period: Finders' warrants and underlying shares are subject to a four-month-and-one-day hold period from the closing date.
• Regulatory Basis: Issued under the listed issuer financing exemption (Part 5A of NI 45-106) for Canadian purchasers; shares are immediately freely tradeable.
• Use of Proceeds: To complete the application to restart the Bull River mine project near Cranbrook, B.C., and for general working capital.
• Future Tranche: A second tranche is expected to close next week.

Notable Quotes

• No direct quotes from management were included in the provided text.