Central Iron Ore arranges $216,046 private placement

Executive Summary

• Central Iron Ore Ltd. has arranged a non-brokered private placement financing with gross proceeds of up to $216,046.22.
• The company is issuing up to 3,000,642 units at a price of 7.2 cents per unit.
• 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 Issued: Up to 3,000,642 units.
• Price Per Unit: 7.2 cents.
• Gross Proceeds: Up to $216,046.22.
• Unit Composition: Each unit consists of one ordinary share and one ordinary share purchase warrant.
• Warrant Terms: Each warrant entitles the holder to purchase one ordinary share at an exercise price of 12 cents per share.
• Warrant Expiry: October 15, 2030.
• Use of Proceeds: Contribution to the South Darlot joint venture, drilling at the British King mine area, and corporate/general working capital.
• Closing Conditions: Subject to necessary corporate and regulatory approvals, including TSX Venture Exchange approval.
• Hold Period: Four months plus one day from the date of issuance.

Notable Quotes

• None provided in the text.