Miata Metals closes $5.5-million private placement

Executive Summary

• Miata Metals Corp. has closed an upsized non-brokered private placement, raising $5.5 million in gross proceeds.
• The company issued approximately 23.9 million units at $0.23 per unit, with each unit comprising one common share and one-half of a transferable warrant.
• Proceeds are designated for exploration on the Sela Creek and Nassau gold projects in Suriname, as well as for general working capital.

Key Details

• Gross Proceeds: $5,500,000.
• Units Issued: 23,913,044 units.
• Price Per Unit: $0.23 CAD.
• Warrant Terms: Each unit includes one-half of one transferable common share purchase warrant.
  • Exercise Price: $0.40 per share.
  • Expiration Date: August 21, 2027.
  • Lock-up/Restriction: Warrants are restricted from exercise until October 21, 2025 (61 days post-closing).
• Use of Proceeds: Exploration activities on Sela Creek and Nassau gold projects in Suriname; general working capital and corporate purposes.
• Finders' Fees:
  • Aggregate cash fees paid: $165,004.
  • Finders' warrants issued: 771,410 warrants.
  • Finders' warrant exercise price: $0.40.
  • Finders' warrant expiration: August 21, 2027.
  • Hold period: Statutory four-month hold from issuance date.
• Related Party Transactions:
  • Two directors and one officer participated.
  • Aggregate proceeds from related parties: $121,002.
  • Exemptions relied upon: MI 61-101 Section 5.5(a) (valuation) and Section 5.7(1)(a) (minority shareholder approval), as related party participation is less than 25% of market capitalization.
• Regulatory Basis: Listed issuer financing exemption under Part 5A of National Instrument 45-106; reliance on co-ordinated blanket order 45-935.