Earthwise Minerals closes $601,804 private placement

Executive Summary

• Earthwise Minerals Corp. completed a non-brokered private placement raising gross proceeds of $601,804.49 through the issuance of 17,194,414 non-flow-through (NFT) units.
• The company announced significant management changes, including the appointment of Karen Mate as a director and Andy Randell as a geological adviser, alongside the immediate resignation of director Solomon Kasirye.
• Net proceeds are designated for general working capital and exploration activities at the company's Iron Range gold project.

Key Details

• Financing Structure:
  • Gross Proceeds: $601,804.49
  • Units Issued: 17,194,414 non-flow-through (NFT) units
  • Price Per Unit: $0.035 (3.5 cents)
  • Warrant Terms: Each unit includes one common share purchase warrant; holders may purchase one common share at an exercise price of $0.05 (5 cents) for 36 months from issuance.
  • Total Warrants Issued: 17,194,414
  • Use of Proceeds: General working capital and exploration at the Iron Range gold project.
  • Finders' Fees: None paid.
  • Hold Period: Four months and one day from the date of issuance.
• Insider Subscription:
  • Director Karen Mate acquired 337,143 NFT units in a related party transaction.
  • The transaction was exempt from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101 as the consideration did not exceed 25% of the company's market capitalization.
• Management Changes:
  • Appointed: Karen Mate joined the Board of Directors. She is a senior capital markets professional with over 30 years of experience, including leadership roles at Scotia Capital, Casimir Capital, and National Bank Financial.
  • Appointed: Andy Randell, PGeo, joined the newly created advisory board as geological adviser. He has over 20 years of experience in mineral exploration and serves on the board of the Association for Mineral Exploration (AME).
  • Resigned: Solomon Kasirye resigned as a director, effective immediately.

Notable Quotes

• "Earthwise Minerals is very pleased to make significant additions to the company's team."