Teako closes $463,770 first tranche of placement

Executive Summary

• Teako Minerals Corp. has closed the first tranche of its non-brokered private placement, issuing common shares for gross proceeds of approximately $463,770.
• The company settled $113,000 of existing indebtedness by issuing common shares to creditors, including a related-party transaction involving Element29 AS.
• Net proceeds are intended for exploration activities and general working capital to support corporate objectives including project deals and third-party work.

Key Details

• Private Placement Structure: Issued 7,729,499 common shares at a price of $0.06 per share.
• Gross Proceeds: Approximately $463,770.
• Debt Settlement: Settled $113,000 in indebtedness by issuing 1,883,333 settlement shares at a deemed price of $0.06 per share.
• Insider/Related-Party Transaction: Element29 AS (controlled by Sven Gollan) received 650,000 settlement shares to satisfy $39,000 in debt. This constitutes a related-party transaction under Multilateral Instrument 61-101.
• Shareholder Ownership Post-Transaction:
  • Sven Gollan: Beneficially owns ~4.06% of issued and outstanding shares (4.54 million shares).
  • Fruchtexpress Grabher GmbH & Co. KG: Acquired 2,705,000 shares; now holds ~14.34% (16,023,447 shares).
  • Sverre Holte (via Ava Systems AS): Acquired 2,705,000 shares; now holds ~16.62% (18,581,923 shares).
• Use of Proceeds: Anticipated exploration activities and general working capital to pursue project deals and revenue-generating third-party work.
• Regulatory Exemptions: Relied on exemptions from formal valuation and minority shareholder approval requirements under MI 61-101, as the fair market value of the insider transaction is not more than 25% of the company's market capitalization.
• Hold Period: Common shares and settlement shares are subject to a four-month-and-one-day hold period.
• Finders' Fees: No finders' fees were paid in cash or securities.

Notable Quotes

• None provided in the text.