Lux Metals increases private placement to $3.5-million

Executive Summary

• Lux Metals Corp. has upsized its previously announced private placement from 12.5 million units to 17.5 million units due to strong investor demand.
• The units are priced at $0.20 per unit, resulting in total gross proceeds of up to $3.5 million.
• Each unit consists of one common share and one transferable share purchase warrant, with proceeds allocated to exploration costs and general working capital.

Key Details

• Transaction Size: Upsized from up to 12.5 million units to up to 17.5 million units.
• Price: $0.20 per unit.
• Gross Proceeds: Up to $3.5 million.
• Unit Composition: Each unit comprises one common share and one transferable share purchase warrant.
• Warrant Terms:
  • Each warrant is exercisable into one additional common share.
  • Exercise Price: $0.40 per share.
  • Duration: Two years from the date of issue.
  • Acceleration Clause: If shares trade on the TSX Venture Exchange at $0.60 or more for 10 consecutive trading days (after regulatory holds expire), warrants may expire 30 calendar days after notice, subject to company discretion.
• Use of Proceeds: Exploration costs and general working capital.
• Finders' Fees: May include cash and/or non-transferable warrants, per TSX-V and securities laws.
• Closing: Anticipated as soon as practicable, subject to regulatory approvals (including TSX-V).
• Regulatory Holds: All securities subject to holds expiring four months and one day from the date of issue.