Central Iron Ore increases financing to $317,998

Executive Summary

• Central Iron Ore Ltd. has upsized its non-brokered private placement financing due to investor demand, increasing the total units offered to 4,416,642.
• The financing is priced at 7.2 cents per unit, generating gross proceeds of up to $317,998.22.
• Proceeds are designated for the South Darlot joint venture, drilling at the British King mine, and general working capital.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Offered: Upsized to up to 4,416,642 units.
• Price Per Unit: 7.2 cents.
• Gross Proceeds: Up to $317,998.22.
• Warrant Terms: Each unit includes one ordinary share purchase warrant.
  • Exercise Price: 12 cents per ordinary share.
  • Expiration Date: October 15, 2030.
• Use of Proceeds:
  • Contribution to the company's South Darlot joint venture.
  • Drilling at the company's British King mine area.
  • Corporate and general working capital purposes.
• Closing Conditions: Subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
• Hold Period: Four months plus a day from the date of issuance, subject to applicable securities legislation resale rules.

Notable Quotes

• None provided in the text.