Intrepid Metals closes $6.7-million private placement

Executive Summary

• Intrepid Metals Corp. closed a non-brokered private placement on October 28, 2025, raising $6.7 million in aggregate gross proceeds.
• The company issued 19,142,858 units at a price of $0.35 per unit, with net proceeds allocated to exploration, working capital, property payments, and bridging a strategic partnership transaction.
• Related party transactions were included in the offering, with officers and affiliates purchasing $270,000.50 worth of units, exempt from formal valuation and minority shareholder approval requirements under MI 61-101.

Key Details

• Gross Proceeds: $6,700,000.
• Net Proceeds Use: Exploration expenditures, working capital, property payments, and a bridge to completion of a strategic partnership transaction.
• Units Issued: 19,142,858 units.
• Price Per Unit: $0.35.
• Warrant Terms: Each unit includes one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at an exercise price of $0.50.
• Warrant Expiration: October 28, 2027.
• Hold Period: All securities are subject to a hold period ending March 1, 2026.
• Finder’s Fees: 6% in cash and 6% in non-transferable finder warrants paid on a portion of the offering.
  • Cash fees paid: $235,409.94.
  • Finder warrants issued: 672,599 (exercisable at $0.35 for 24 months from closing).
• Related Party Participation: Officers and affiliates acquired 771,430 units for total gross proceeds of $270,000.50.
• Regulatory Exemption: The related party transaction portion was exempt from formal valuation and minority shareholder approval under MI 61-101 as the fair market value did not exceed 25% of the company's market capitalization. No material change report was filed prior to the 21-day mark due to expedited closing needs.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.