North America Niobium closes $1.96-million financing

Executive Summary

• North American Niobium and Critical Minerals Corp. has closed an oversubscribed non-brokered private placement of flow-through (FT) common shares, raising gross proceeds of $1,960,334.75.
• The company issued 1,351,955 FT shares at a price of $1.45 per share, exceeding the previously proposed amount.
• Proceeds are designated for eligible Canadian exploration expenses in Quebec, with a commitment to incur and renounce these expenditures by December 31, 2026.

Key Details

• Transaction Structure: Non-brokered private placement of flow-through common shares.
• Shares Issued: 1,351,955 FT common shares.
• Price Per Share: $1.45.
• Gross Proceeds: $1,960,334.75.
• Use of Proceeds: To incur eligible Canadian exploration expenses in Quebec that qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada).
• Renunciation Terms: The company agreed to renounce qualifying expenditures with an effective date no later than December 31, 2025, and must incur such expenses by December 31, 2026.
• Finder’s Fees: Paid to eligible finders consisting of:
  • Cash: $137,223.43.
  • Warrants: 94,636 common share purchase warrants.
• Warrant Terms: Each warrant is exercisable to acquire one common share at an exercise price of $1.45 for a period of 24 months from issuance.
• Statutory Hold Period: Four months plus a day, ending on April 13, 2026.
• Strategic Context: CEO Murray Nye noted that total flow-through funding secured for the 2026 exploration program is $4.82 million.

Notable Quotes

• "The overwhelming demand for this financing is a reflection of the strength of the work we're doing and the potential that our Quebec exploration portfolio continues to show. With total flow-through funding of $4.82-million secured for our 2026 exploration program, we are well positioned to execute focused and strategic exploration initiatives aimed at generating substantial value for our shareholders," said Murray Nye, chief executive officer of North American Niobium.