Canadian Metals Announces Closing of $2.3 Million Private Placement

Executive Summary

• Canadian Metals Inc. completed a non‑brokered private placement raising approximately $2.30 M in gross proceeds.
• Issued 8,181,816 Units at $0.11 each and 11,666,661 flow‑through (FT) Units at $0.12 each; each unit includes common shares and half a warrant.
• Proceeds will be used to fund exploration on the company’s five Bathurst Mining Camp properties, with FT proceeds earmarked for eligible Canadian flow‑through exploration expenses.

Key Details

• Units Issued: 8,181,816 Units @ $0.11 per Unit → $900,000 (approx.)
• FT Units Issued: 11,666,661 FT Units @ $0.12 per FT Unit → $1,399,999.32 (approx.)
• Total Gross Proceeds: $2,299,999.08
• Unit Composition: 1 common share + ½ of a common‑share purchase warrant (full warrant = right to buy 1 share at $0.18 for 18 months).
• FT Unit Composition: 1 flow‑through common share + ½ of a warrant (full FT warrant = right to buy 1 share at $0.20 for 18 months).
• Finder’s Fee Paid: $20,919.99 in cash.
• Related Party Transaction: CEO Julien Davy subscribed for 125,000 FT Units; exemption from MI 61‑101 valuation and minority approval requirements applied.
• Holding Period: All securities subject to a lock‑up of 4 months + 1 day from closing.
• Use of Proceeds: Advance exploration programs on five properties in the Bathurst Mining Camp, New Brunswick; FT proceeds specifically for Canadian Exploration Expenses qualifying as flow‑through critical mineral mining expenditures.

Notable Quotes

(No direct quotes were provided in the release.)