Clarity Metals arranges $450,000 private placement

Executive Summary

• Clarity Metals Corp. announced a non-brokered private placement offering up to 15 million units at $0.03 per unit, targeting gross proceeds of up to $450,000.
• The offering includes an option to increase the size by up to 15% to accommodate additional demand.
• Proceeds will be utilized for general working capital and mineral exploration activities.

Key Details

• Offering Size: Up to 15 million units, with a discretionary increase of up to 15% permitted.
• Price: $0.03 per unit.
• Gross Proceeds: Up to $450,000 (potentially higher if the 15% increase is exercised).
• Unit Composition: Each unit consists of one common share and one share purchase warrant.
• Warrant Terms: Each warrant allows the holder to acquire one additional share at an exercise price of $0.05 per share.
• Warrant Expiration: Two years following the closing date.
• Pricing Basis: Based on the 20-day volume weighted average trading price (VWAP) on the Canadian Securities Exchange at the time of price protection.
• Hold Period: All securities are subject to a statutory hold period of four months and one day from the closing date.
• Use of Proceeds: General working capital and mineral exploration.
• Closing Structure: The private placement may close in one or more tranches.