Linear closes first tranche of private placement

Executive Summary

• Linear Minerals Corp. has closed the first tranche of its non-brokered private placement, raising gross proceeds of $300,000.
• The tranche consists of the issuance of 3 million flow-through common shares and 3 million hard-dollar units, each priced at $0.05 per share.
• The remaining $600,000 of the total $900,000 offering remains to be closed, subject to regulatory approvals including the Canadian Securities Exchange.

Key Details

• Transaction Structure: Non-brokered private placement.
• First Tranche Gross Proceeds: $300,000 total.
• Flow-Through Shares: 3,000,000 shares issued at $0.05 per share for $150,000 in gross proceeds.
• Hard-Dollar Units: 3,000,000 units issued at $0.05 per share for $150,000 in gross proceeds.
• Warrant Terms: Each hard-dollar unit includes one common share purchase warrant.
  • Exercise Price: $0.25 per share.
  • Duration: One year from the issue date.
  • Finder's Fee: 6% cash finder's fee ($9,000) paid in connection with the hard-dollar units.
• Total Offering Size: Up to $900,000.
• Remaining Tranche: The final closing is pending all required approvals, specifically from the Canadian Securities Exchange and other regulatory bodies.
• Use of Proceeds: General working capital and further exploration efforts on properties located in Quebec.
• Lock-up Period: All securities are subject to a statutory hold period of four months plus one day from the date of issuance.

Notable Quotes

• None provided in the text.