Perseverance Metals Announces Private Placement Financing

Executive Summary

• Perseverance Metals Inc. announced a non‑brokered private placement of up to C$3 million in hard‑dollar units priced at C$0.65 per unit.
• Each HD Unit consists of one common share and half of a warrant (full warrant = right to purchase an additional share at C$0.95 for 36 months).
• Proceeds will fund the inaugural diamond drill campaign on the Voyageur project (Michigan), continued exploration at Lac Gayot (Quebec), and general corporate purposes.

Key Details

• Offering Size: Up to C$3,000,000 in hard‑dollar units.
• Unit Price: C$0.65 per HD Unit.
• Unit Composition: 1 common share + ½ of one common‑share purchase warrant (full warrant = right to buy 1 additional share at C$0.95).
• Warrant Terms: Exercise price C$0.95; exercisable for 36 months from issuance; acceleration clause triggers if TSX Venture Exchange closing price ≥ C$1.30 for ten consecutive trading days, allowing expiry to be moved to 30 calendar days after notice.
• Use of Proceeds:
• Fund inaugural diamond drill campaign on the Voyageur project (Upper Peninsula, Michigan).
• Continue exploration at Lac Gayot project (Quebec).
• General corporate purposes.
• Finder’s Fees: Company may pay finder’s fees in connection with the offering.
• Insider Participation: Insiders may participate; treated as a related‑party transaction but expected to be exempt from formal valuation and minority shareholder approval because neither the securities issued nor consideration paid is anticipated to exceed 25 % of market capitalization.
• Regulatory Conditions: All securities subject to TSX Venture Exchange approval and a statutory hold period of four months and one day.

Notable Quotes

• “The capital raised will enable us to commence our first diamond drill program on Voyageur and advance exploration at Lac Gayot, positioning Perseverance for the next phase of growth.” – Michael J. Tucker, CEO & Director.