Grit Metals closes $1-million private placement

Executive Summary

• Grit Metals Corp. has closed a non-brokered private placement, raising gross proceeds of $1,004,000.
• The company issued 10.04 million units at $0.10 per unit, with each unit comprising one common share and one-half of one common share purchase warrant.
• Net proceeds are designated for the development of the Pegmatite project in central Finland and general working capital.

Key Details

• Gross Proceeds: $1,004,000.
• Units Issued: 10.04 million units.
• Price Per Unit: $0.10.
• Warrant Terms: Each unit includes one-half of one warrant. Each warrant is exercisable to acquire one common share at an exercise price of $0.25.
• Warrant Expiration: January 15, 2028.
• Use of Proceeds: Advancing development of the Pegmatite project in central Finland and for general working capital purposes.
• Finder’s Fees: $50,880 paid in cash.
• Finder’s Warrants: 714,000 non-transferable finders' warrants issued to arm's-length parties; exercisable on the same terms as the investor warrants.
• Resale Restrictions: All securities issued are subject to a hold period until May 16, 2026.
• Insider Participation: An insider subscribed for 500,000 units. This constitutes a related-party transaction exempt from valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the fair market value of consideration does not exceed 25% of the company's market capitalization.