Minnova closes $4.82-million private placement

Executive Summary

• Minnova Corp. has closed a brokered private placement raising aggregate gross proceeds of C$4,820,154.
• The offering consisted of 12.9 million regular units and 9,739,800 flow-through units, with Red Cloud Securities Inc. acting as the sole agent.
• Net proceeds are designated for the exploration and advancement of the PL gold mine project in Manitoba, working capital, and general corporate purposes.

Key Details

• Gross Proceeds: C$4,820,154.
• Units Sold:
  • 12,900,000 regular units at C$0.20 per unit.
  • 9,739,800 flow-through units at C$0.23 per unit.
• Unit Composition: Each unit (regular and flow-through) consists of one common share and one common share purchase warrant.
• Warrant Terms:
  • Exercise Price: C$0.30 per share.
  • Expiration: December 3, 2028.
  • Each warrant entitles the holder to purchase one common share.
• Use of Proceeds:
  • Exploration and advancement of the PL gold mine project (Manitoba).
  • Working capital and general corporate purposes.
  • Specifically, gross proceeds from FT shares will be used for eligible Canadian exploration expenses qualifying as flow-through mining expenditures, renounced to purchasers effective December 31, 2025, with expenditures incurred on or before December 31, 2026.
• Broker Compensation:
  • Red Cloud Securities Inc. received aggregate cash fees of $256,809.24.
  • Red Cloud received 1,196,388 non-transferable common share purchase warrants.
  • Broker Warrant Terms: Exercisable at the unit price (C$0.20) on or before December 3, 2028.
• Regulatory & Legal:
  • Sold under the Listed Issuer Financing Exemption (NI 45-106) for Canadian purchasers.
  • Regular units are immediately freely tradable for Canadian residents.
  • FT units and broker warrants are subject to a statutory hold period expiring four months and one day following the issue date (April 4, 2026).
  • Closing is subject to final approval of the TSX Venture Exchange.

Notable Quotes

• None provided in the text.