Windfall Geotek closes $680,000 private placement

Executive Summary

• Windfall Geotek Inc. has closed a non-brokered private placement, raising gross proceeds of $680,000.
• The company issued 34 million units at a price of $0.02 per unit, with each unit comprising one common share and one common share purchase warrant.
• Net proceeds will be utilized to advance the company's AI-based mineral exploration platform, support UXO detection technology pilot testing, and fund general working capital and R&D.

Key Details

• Gross Proceeds: $680,000
• Units Issued: 34,000,000 units
• Price Per Unit: $0.02
• Warrant Terms: Each unit includes one common share purchase warrant; each warrant allows the holder to acquire one additional common share at an exercise price of $0.05 for a period of 24 months following the closing date.
• Hold Period: All securities are subject to a statutory hold period of four months and one day from the date of issuance.
• Finder's Fees: Qualified parties received finder's fees totaling $3,850 in cash.
• Use of Proceeds:
  • Advance the AI-based mineral exploration platform for identifying potential mineral targets.
  • Support AI technology for UXO (unexploded ordnance) detection, currently under internal evaluation and pilot testing.
  • Provide for general working capital and research and development activities.
• Operational Context: The company reports more than 39 AI-assisted discoveries identified in collaboration with exploration clients.

Notable Quotes

• "We appreciate the continued support from our shareholders. This financing enables us to continue developing and validating our AI models for both mineral exploration and UXO detection applications." — Michel Fontaine, President and CEO