Canter Resources closes $1.05-million private placement

Executive Summary

• Canter Resources Corp. closed a non‑brokered private placement, raising gross proceeds of $1.05 million.
• The offering consisted of 5.25 million units at C$0.20 per unit, each unit containing one common share and half of a transferable warrant (full warrant exercisable at C$0.26 for two years).
• Net proceeds will be used to advance the Columbus and Railroad Valley lithium‑boron projects, evaluate additional opportunities, and fund general working capital.

Key Details

• Units Issued: 5,250,000 units @ C$0.20 per unit → gross proceeds $1.05 M.
• Unit Composition: 1 common share + ½ transferable common share purchase warrant; whole warrant exercisable for one additional share at C$0.26, valid for two years from issuance.
• Finder Fees: None paid.
• Lock‑up/Hold Periods: All securities subject to statutory hold periods under Canadian securities law and a voluntary 12‑month lock‑up.
• Insider Participation: Insiders purchased 225,000 units (≈4.3% of total), constituting a related‑party transaction per MI 61‑101.
• Use of Proceeds:
• Advance the Columbus lithium‑boron project (phased drilling, brine target testing).
• Advance the Railroad Valley lithium‑b​oron project.
• Evaluate and pursue additional projects.
• General working capital.

Notable Quotes

(No direct quotes provided in the release.)