Libra Energy arranges $1-million private placement

Executive Summary

• Libra Energy Materials Inc. announced a non-brokered private placement financing with total gross proceeds of $1 million.
• The offering consists of two classes of shares: hard dollar common shares priced at $0.17 per share and Critical Minerals Exploration Tax Credit (CMETC) charity flow-through common shares priced at $0.25 per share.
• Proceeds from the CMETC FT shares will be used for exploration programs on the company's Ontario and Quebec critical mineral properties, with expenditures to be renounced to purchasers by December 31, 2025.

Key Details

• Total Gross Proceeds: $1,000,000.
• Share Structure:
  • Hard Dollar Shares: Priced at $0.17 per share; each comprises one common share.
  • CMETC Flow-Through Shares: Priced at $0.25 per share; each comprises one common share qualifying as a CMETC flow-through share under Subsection 66(15) of the Income Tax Act (Canada).
• Use of Proceeds: Financing further exploration programs on the company's Ontario and Quebec critical mineral properties. Expenditures will qualify as Canadian exploration expenses and flow-through critical mineral mining expenditures, renounced to purchasers with an effective date no later than Dec. 31, 2025.
• Finders' Fees: Up to 8% in cash and 8% in broker warrants.
• Warrant Terms: Broker warrants are exercisable at $0.17 per common share, exercisable at any time within 24 months from the date of issuance.
• Hold Period: All securities issued are subject to a hold period of four months and one day from the date of issuance.
• Regulatory Approval: Subject to receipt of all required regulatory approvals, including approval of the Canadian Securities Exchange.
• Upside: The company reserves the right to increase the size of the offering, subject to CSE approval.

Notable Quotes

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