Red Metal Resources increases financing to $1-million

Executive Summary

• Red Metal Resources Ltd. has upsized its previously announced non-brokered private placement from $750,000 to a maximum of $1,000,000 due to strong investor demand.
• The company will issue up to 16,666,667 units at a price of $0.06 per unit, with each unit comprising one common share and one common share purchase warrant.
• Proceeds will be used for general working capital and to advance exploration on the Carrizal copper project in Chile.

Key Details

• Transaction Structure: Non-brokered private placement upsized to up to $1,000,000.
• Unit Price: $0.06 per unit.
• Quantity: Up to 16,666,667 units.
• Gross Proceeds: Up to $1,000,000.
• Warrant Terms: Each unit includes one common share purchase warrant exercisable for one additional common share at the following tiered exercise prices:
  • $0.09 per share for the first 12 months from issuance.
  • $0.12 per share for the period from 12 to 24 months after issuance.
  • $0.15 per share for the period from 24 to 36 months after issuance.
• Use of Proceeds: Financing general working capital requirements and advancing exploration on the Carrizal flagship Chilean copper project.
• Hold Period: All securities issued are subject to a four-month hold period under Canadian securities laws.
• Finders' Fees: The company may pay finders' fees, subject to regulatory and exchange approval.

Notable Quotes

• "We are very encouraged by the strong support shown for this financing. With a pro-business and mining-focused government in Chile and copper reaching record prices, we believe it is the ideal time to accelerate work on our Chilean copper portfolio. The increased financing will allow us to advance exploration at Carrizal and support ongoing corporate initiatives." — Caitlin Jeffs, Chief Executive Officer