Canadian Metals arranges $2.3-million private placement

Executive Summary

• Canadian Metals Inc. announced a non‑brokered private placement of up to $2.3 million in units and flow‑through (FT) units.
• The offering consists of up to 8,181,818 regular units at C$0.11 per unit and 11,666,666 FT units at C$0.12 per FT unit, each accompanied by half a common share purchase warrant.
• Proceeds will be used to fund exploration programs on the company’s five properties in New Brunswick’s Bathurst mining camp.

Key Details

• Total Gross Proceeds: Up to C$2.3 million.
• Units Offered:
• Regular units – up to 8,181,818 at C$0.11 per unit.
• Flow‑through units – up to 11,666,666 at C$0.12 per FT unit.
• Warrant Structure: Each unit (regular or FT) includes one‑half of a common share purchase warrant; two half‑warrants combine into one whole warrant.
• Exercise Price & Term:
• Regular warrants – right to buy one common share at C$0.18 for 18 months after each tranche closing.
• FT warrants – right to buy one common share at C$0.20 for 18 months after each tranche closing.
• Statutory Hold Period: All shares and warrants subject to a four‑month‑plus‑one‑day hold period from the closing of each tranche.
• Closing Conditions: Subject to customary conditions, regulatory approvals, and acceptance by the Canadian Securities Exchange (CSE).
• Finder’s Fees: Company may pay finder’s fees on part of the offering, compliant with CSE policies and securities legislation.
• Use of Proceeds: Funds from FT units will be allocated to eligible Canadian exploration expenses qualifying as flow‑through critical mineral mining expenditures under the Income Tax Act.

Notable Quotes

(No direct quotes were provided in the release.)