Lux Metals increases financing to $4-million

Executive Summary

• Lux Metals Corp. has upsized its previously announced private placement from 17.5 million units to 20 million units.
• The units are priced at $0.20 per unit, resulting in total gross proceeds of up to $4,000,000.
• Each unit consists of one common share and one transferable share purchase warrant exercisable at $0.40 per share for two years.

Key Details

• Transaction Size: Upsized from up to 17.5 million units to up to 20 million units.
• Price Per Unit: $0.20 CAD.
• Gross Proceeds: Up to $4,000,000 CAD.
• Unit Composition: Each unit comprises one common share and one transferable share purchase warrant.
• Warrant Terms:
  • Exercisable into one additional common share per warrant.
  • Exercise Price: $0.40 per share.
  • Duration: Two years from the date of issue.
• Use of Proceeds: Exploration costs and general working capital.
• Finder’s Fees: The company may pay finders' fees in cash and/or non-transferable warrants, subject to TSX Venture Exchange policies and securities laws.
• Closing Timeline: Anticipated as soon as practicable, subject to regulatory approvals including TSX-V approval.
• Regulatory Holds: All securities issued are subject to statutory holds expiring four months and one day from the date of issue.

Notable Quotes

• None provided in the text.