Forty Pillars Mining closes $535,500 private placement

Executive Summary

• Forty Pillars Mining Corp. has closed its previously announced non-brokered private placement, raising aggregate gross proceeds of $535,500.
• The company issued 10.71 million units at a price of $0.05 per unit, with each unit consisting of one common share and one transferable share purchase warrant.
• The warrants have been modified to be exercisable for 24 months from the date of issuance (until March 2, 2028) at an exercise price of $0.10 per share, a change from the previously announced 60-month term.

Key Details

• Transaction Structure: Non-brokered private placement.
• Units Issued: 10.71 million units.
• Price Per Unit: $0.05.
• Gross Proceeds: $535,500.
• Unit Composition: Each unit comprises one common share and one transferable share purchase warrant.
• Warrant Terms (Investors):
  • Exercise Price: $0.10 per share.
  • Expiration: March 2, 2028 (24 months from issuance).
  • Note: The term was shortened from the previously announced 60 months to 24 months; all other terms remain unchanged.
• Finder’s Fees:
  • Aggregate cash fees paid: $32,580.
  • Warrants issued to finders: 651,600 warrants.
  • Finder Warrant Terms: Entitle holder to acquire shares at $0.10 per share until March 2, 2028.
• Use of Proceeds: Working capital and general corporate purposes.
• Regulatory Conditions: Subject to a four-month hold period under Canadian securities laws and CSE policies; completion subject to necessary approvals including CSE approval.

Notable Quotes

• None provided in the text.