Palamina Completes First Tranche of Private Placement

Executive Summary

• Palamina Corp. closed the first tranche of its non‑brokered private placement, raising $1,634,375 from the issuance of 13,075,000 units at $0.125 per unit.
• Proceeds are earmarked for advancing the Galena silver‑copper‑manganese project, the Usicayos gold project, and general corporate/working capital purposes.
• Related‑party directors/officers purchased 3,795,000 units; a finder received a cash fee of $750 plus 6,000 finder warrants (6 % of units sold to the finder).

Key Details

• Units issued: 13,075,000 total – each unit = 1 common share + 1 warrant.
• Pricing: $0.125 per unit; warrants exercisable at $0.20 per share for two years (accelerated if TSX‑V price ≥ $0.35 on a VWAP basis).
• Gross proceeds: $1,634,375.
• Use of proceeds: Advancement of Galena project (silver‑copper‑manganese), Usicayos gold project, and general corporate/working capital.
• Statutory hold period: Ends 2026-03-06.
• Related‑party transaction: Directors/officers Andrew Thomson & Michael Farrant purchased 3,795,000 units; exempt from MI 61‑101 valuation/minority approval (units/value < $2.5 M).
• Finder compensation: Cash fee of $750 plus issuance of 6,000 finder warrants (each warrant = right to acquire one common share at $0.125 for two years).
• Regulatory notes: Offering not registered under U.S. securities laws; subject to TSX‑V acceptance of regulatory filings.

Notable Quotes

(No direct quotes were provided in the release.)