Canter arranges $1.05-million private placement

Executive Summary

• Canter Resources Corp. has announced a fully subscribed non-brokered private placement of up to 5.25 million units at $0.20 per unit, raising aggregate gross proceeds of up to $1.05 million.
• Each unit consists of one common share and one-half of one transferable common share purchase warrant, with warrants exercisable at $0.26 per share for two years.
• Proceeds are designated for advancing the Columbus and Railroad Valley lithium-boron projects in Nevada, evaluating additional projects, and general working capital.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Issued: Up to 5,250,000 units.
• Price Per Unit: $0.20 CAD.
• Gross Proceeds: Up to $1,050,000 CAD.
• Warrant Terms: Each unit includes one-half of one transferable common share purchase warrant. Each whole warrant is exercisable to purchase one additional share at an exercise price of $0.26 CAD.
• Warrant Expiry: Two years from the date of issuance.
• Lock-up Agreement: Strategic investors have agreed to 12-month lockup agreements.
• Use of Proceeds:
  • Advancing the Columbus lithium-boron project.
  • Advancing the Railroad Valley lithium-boron project.
  • Evaluating and pursuing additional projects.
  • General working capital purposes.
• Regulatory Status: Subject to approval of the Canadian Securities Exchange (CSE) and subject to statutory hold periods.
• Finder's Fees: The company may pay finders' fees to eligible finders in accordance with applicable securities laws and CSE policies.