Mosaic Minerals appoints Gagnon as director

Executive Summary

• Mosaic Minerals Corp. announced a non-brokered private placement for gross proceeds of up to $500,000, involving the sale of common units and flow-through units.
• The company nominated Robert Gagnon, PGeo, as a new director, citing his extensive exploration experience and knowledge of the Golden Island project.
• Incentive stock options were granted to consultants to purchase up to 250,000 common shares, bringing total outstanding options to approximately 5.9 million.

Key Details

• Director Appointment: Robert Gagnon, PGeo, nominated as director; former president of Pershimex Resources Corp. until its amalgamation with Abcourt Mines Inc. in May 2023.
• Financing Structure:
  • Common Units: Up to 7,000,000 units at $0.05 per unit.
  • Flow-Through (FT) Units: Up to 2,142,857 FT units at $0.07 per FT unit.
  • Total Gross Proceeds: Up to $500,000.
  • Use of Proceeds: Exploration on the Golden Island project and general corporate purposes.
• Warrant Terms (Common Units):
  • Each unit includes one common share and one warrant.
  • Warrant exercise price: $0.07 per share.
  • Warrant term: 24 months from issuance.
• Warrant Terms (Flow-Through Units):
  • Each FT unit includes one flow-through common share and one warrant.
  • Warrant exercise price: $0.09 per share.
  • Warrant term: 12 months from issuance.
• Flow-Through Specifics:
  • Proceeds used for eligible Canadian exploration expenses qualifying as flow-through mining expenditures.
  • Renunciation of expenditures effective Dec. 31, 2025.
  • Securities subject to a statutory hold period ending four months plus one day after closing.
  • Offered via accredited investor and minimum amount investment exemptions under National Instrument 45-106.
• Stock Options:
  • Granted to consultants: Up to 250,000 options.
  • Exercise price: $0.075 per share.
  • Term: Five years.
• Capitalization:
  • Shares issued and outstanding: 78,490,571.
  • Total options outstanding: 5.9 million (including the new grant).
  • Total warrants outstanding: 6,498,375.
• Conditions: Offering subject to receipt of all necessary approvals, including the Canadian Securities Exchange.

Notable Quotes

• "We are very pleased with the appointment of Robert Gagnon, an exploration geologist who brings another dimension of expertise to our board of directors. His experience and knowledge of the Golden Island project are valuable assets for its future development," said Jonathan Hamel, president and chief executive officer of Mosaic.