Nord Precious closes $2.2M first tranche of placement

Executive Summary

• Nord Precious Metals Mining Inc. has closed the first tranche of a non-brokered flow-through-unit private placement, raising gross proceeds of $2,206,500.
• The company plans to close a second tranche of up to 7,174,000 units for up to $1,793,500 prior to December 31, 2025, subject to TSX Venture Exchange acceptance.
• Proceeds will be used for exploration on the Castle East project, qualifying as flow-through critical mineral mining expenditures.

Key Details

• First Tranche Closed:
  • Issued 8,826,000 flow-through units.
  • Price: $0.25 per unit.
  • Gross Proceeds: $2,206,500.
• Second Tranche (Planned):
  • Up to 7,174,000 additional flow-through units.
  • Price: $0.25 per unit.
  • Gross Proceeds: Up to $1,793,500.
  • Deadline: Prior to December 31, 2025.
  • Condition: Subject to final TSX Venture Exchange acceptance.
• Unit Structure:
  • Each unit consists of one common share and one-half of one share purchase warrant.
  • Warrant Exercise Price: $0.28 per share.
  • Warrant Term: Two years from closing.
• Warrant Acceleration Clause:
  • Trigger: If the daily volume-weighted average trading price exceeds $0.36 for 10 consecutive trading days between issuance and expiry.
  • Effect: Company may give written notice via news release; warrants expire at 4 p.m. Vancouver time on the 30th day following notice unless exercised.
• Finder/Advisor Fees:
  • Research Capital Corp.: Engagement fee of $25,000 and 100,000 common shares (deemed value $0.25/share).
  • Finders: Non-transferable warrants to purchase up to 706,080 common shares and $202,770 in cash (for the first tranche).
  • Finder Warrant Terms: Exercisable at $0.25/share for two years; subject to the same acceleration clause.
• Hold Periods:
  • All securities issued (units, finder shares, finder warrants, and warrant shares) are subject to a statutory hold period of four months and one day following the closing date.
• Use of Proceeds:
  • Exploration on the Castle East project.
  • Expenses qualify as flow-through critical mineral mining expenditures under the Income Tax Act (Canada).
• Project Context (Castle East):
  • Drilling has delineated 7.56 million ounces of silver in inferred resources.
  • Average grade: 8,582 grams per tonne silver (250.2 ounces per ton).
  • Material: 27,400 tonnes from two sections (1A and 1B) of the Castle East Robinson zone.
  • Depth: Beginning at approximately 400 metres vertical depth.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.