Steadright closes $1.35M first tranche of placement

Executive Summary

• Steadright Critical Minerals Inc. closed the first tranche of its non-brokered private placement, selling 6,168,400 units for gross proceeds of $1,357,048.
• The company appointed Carmelo Marrelli as Chief Financial Officer, effective immediately.
• Proceeds are designated for general working capital and corporate purposes, with net proceeds after finder fees.

Key Details

• Financing Structure: Non-brokered private placement, first tranche closed.
• Units Sold: 6,168,400 units.
• Price: 22 cents per unit.
• Gross Proceeds: $1,357,048.00.
• Use of Proceeds: General working capital and corporate purposes.
• Warrant Terms: Each unit includes one common share and one common share purchase warrant. Warrants allow acquisition of one additional common share at $0.30 per share for 24 months from issuance.
• Finder Compensation:
  • Cash commission: 8.0% of eligible subscriptions, totaling $101,031.04.
  • Broker warrant commission: 8.0% of eligible subscriptions, totaling 459,232 broker warrants.
• Regulatory Hold: Common shares and warrants are subject to a four-month and one-day hold period from issuance.
• Regulatory Status: Offering subject to final Canadian Securities Exchange acceptance of requisite regulatory filings.
• Management Change: Carmelo Marrelli appointed as Chief Financial Officer.
• Executive Background: Mr. Marrelli is principal of Marrelli Support Services Inc., with over 30 years of experience in accounting and regulatory compliance for listed companies on TSX, TSXV, CSE, and others. He also controls DSA Corporate Services LP and Marrelli Trust Company Ltd.

Notable Quotes

• "The company is also pleased to announce that it has appointed Carmelo Marrelli as the chief financial officer of the company effective the date hereof."