Palamina Completes Oversubscribed $2.7M Private Placement

Executive Summary

• Palamina Corp. closed the second tranche of its non‑brokered private placement, raising $1,095,625 by issuing 8,765,000 units at $0.125 per unit.
• Combined with the first tranche, total gross proceeds from the offering now equal $2,700,000, which will be used to advance the Galena silver‑copper‑manganese project, the Usicayos gold project, and for general corporate working capital.
• The company paid a finder’s cash fee of $23,287 and issued 186,300 finder warrants (6 % of units sold to the finder) exercisable at $0.125 per share for two years.

Key Details

• Units Issued – Second Tranche: 8,765,000 units @ $0.125 each = $1,095,625 gross proceeds.
• Unit Composition: Each unit consists of one common share and one warrant (exercisable at $0.20 per share for two years, with possible acceleration if the stock trades ≥ $0.35 on a VWAP basis over 10 days).
• Aggregate Offering Proceeds: First tranche + second tranche = $2,700,000 gross proceeds.
• Use of Net Proceeds: Advancement of the Galena silver‑copper‑manganese project, development of the Usicayos gold project, and general corporate & working capital purposes.
• Statutory Hold Period: All securities from the second tranche are subject to a hold period ending April 17, 2026.
• Related Party Transaction: Director Sean Spraggett purchased 112,000 units; the transaction was exempt from MI 61‑101 valuation and minority approval requirements because thresholds were not met.
• Finder Compensation: Cash fee of $23,287 paid to an eligible person (the “Finder”) plus issuance of 186,300 finder warrants (6 % of units sold attributable to the Finder), exercisable at $0.125 per share for two years from closing.
• Regulatory Notes: Offering not registered under U.S. securities laws; cannot be offered or sold in the United States or to U.S. persons absent exemption.

Notable Quotes

(No executive quotes were included in the release.)