Steadright closes $1.08M first tranche of placement

Executive Summary

• Steadright Critical Minerals Inc. has closed the first tranche of its previously announced non-brokered private placement, raising gross proceeds of $1,084,204.
• The company sold 4,336,816 units at a price of 25 cents per unit, with net proceeds designated for general working capital and corporate purposes.
• Each unit consists of one common share and one common share purchase warrant exercisable at 31 cents per share for 24 months.

Key Details

• Units Sold: 4,336,816 units.
• Price Per Unit: $0.25 CAD.
• Gross Proceeds: $1,084,204.
• Use of Proceeds: General working capital and corporate purposes.
• Warrant Terms: Each unit includes one common share purchase warrant.
  • Exercise Price: $0.31 per common share.
  • Duration: 24 months from the date of issuance.
  • Ratio: One warrant per unit (entitling holder to acquire one further common share).
• Finder’s Compensation:
  • Cash Commission: 8.0% of eligible subscriptions, totaling $56,300.
  • Broker Warrant Commission: 8% of eligible subscriptions, resulting in 225,200 broker warrants.
• Regulatory Hold: Common shares, warrants, and broker warrants are subject to a four-month-and-one-day hold period from the date of issuance.
• Regulatory Status: Offering remains subject to final Canadian Securities Exchange acceptance of requisite regulatory filings.

Notable Quotes

• "We are quite encouraged by the enthusiasm surrounding the first tranche of our capital raise, and are also working hard progressing our Moroccan assets forward." — Matt Lewis, Chief Executive Officer