Eastport arranges $2-million private placement

Executive Summary

• Eastport Critical Metals Corp. announced a non-brokered private placement of up to 2.5 million units at $0.80 per unit, raising up to $2 million in gross proceeds.
• Each unit consists of one common share and one common share purchase warrant, with warrants exercisable at $1.00 per share for three years.
• Proceeds are designated for exploration and development of projects in Botswana and for general working capital.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Offered: Up to 2.5 million units.
• Price: 80 cents ($0.80) per unit.
• Gross Proceeds: Up to $2 million.
• Unit Composition: Each unit comprises one common share and one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: $1.00 per warrant.
  • Duration: Three years from the date of issuance.
  • Adjustments: Subject to adjustment in certain events.
• Use of Proceeds: Exploration and development activities at projects in Botswana; general working capital purposes.
• Hold Period: Four months and one day from the date of issuance for all securities issued.
• Closing Conditions: Subject to receipt of necessary regulatory approvals, including from the TSX Venture Exchange.
• Tranche Structure: The offering may close in multiple tranches as subscriptions are received.
• Finder’s Fees: Cash and common share purchase warrants may be payable in connection with the sale, in accordance with TSX-V policies.

Notable Quotes

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