Slam Exploration closes $2.07M private placement

Executive Summary

• Slam Exploration Ltd. has closed an oversubscribed, non-brokered private placement, raising gross proceeds of up to $2,072,750.
• The offering consisted of 23,030,553 units issued at $0.09 per unit, comprising flow-through critical mineral exploration tax credit units (FT CMETC), flow-through units (FT), and non-flow-through units (NFT).
• Proceeds are designated for incurring eligible Canadian exploration expenses on the Goodwin copper-nickel-cobalt project (FT CMETC), gold projects in New Brunswick (FT), and general working capital/corporate development (NFT).

Key Details

• Total Gross Proceeds: Up to $2,072,750.
• Units Issued: 23,030,553 units at a price of $0.09 per unit.
• Breakdown of Units:
  • 18,141,664 FT CMETC Units: Issued at $0.09/unit. Intended for Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures for the Goodwin project.
  • 3,000,000 FT Units: Issued at $0.09/unit. Intended for Canadian exploration expenses (CEE) on gold projects; does not qualify for the critical mineral tax credit.
  • 1,888,889 NFT Units: Issued at $0.09/unit.
• Warrant Terms:
  • FT CMETC and FT Units: Each unit includes one flow-through common share and one-half of one common share purchase warrant. Two half-warrants combine to form one whole warrant.
  • NFT Units: Each unit includes one common share and one whole warrant.
  • Exercise Price: $0.13 per common share for all warrants.
  • Duration: Two years following the closing date, subject to acceleration.
• Use of Proceeds:
  • FT CMETC Proceeds: To incur eligible Canadian exploration expenses on the Goodwin project (copper-nickel-cobalt).
  • FT Proceeds: To finance exploration on gold, zinc, copper, and nickel projects in New Brunswick.
  • NFT Proceeds & Warrant Exercises: For general working capital, corporate development, and other business objectives.
• Renunciation Date: Qualifying CEE will be renounced to subscribers with an effective date no later than December 31, 2026.
• Regulatory Status: Subject to final approval of the TSX Venture Exchange and other regulatory approvals.
• Statutory Hold: Four months and one day from closing, expiring on July 12, 2026.
• Finder’s Fees:
  • 420,000 finders' warrants issued.
  • $37,800 paid in cash.
  • Finder warrants have the same terms as investor warrants ($0.13 exercise price, 2-year duration).
• Insider Participation:
  • One insider participated, paying $199,999.87 for 2,222,222 FT CMETC units.
  • Classified as a related-party transaction under Multilateral Instrument 61-101.
  • Exemptions from formal valuation and minority shareholder approval were relied upon as the transaction value did not exceed 25% of market capitalization.

Notable Quotes

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