Enduro closes $2.73-million first tranche of placement

Executive Summary

• Enduro Metals closed the first tranche of its non‑brokered private placement, raising $2.73 M in gross proceeds.
• The company increased the total size of the placement to up to $3.5 M.
• Proceeds will fund general working capital (NFT units) and eligible Canadian exploration expenses for the Newmont Lake project (FT shares).

Key Details

• First Tranche: 1,945,825 flow‑through (FT) shares at C$0.185 per share; 15,803,332 non‑flow‑through (NFT) units at C$0.15 per unit.
• Total Gross Proceeds (first tranche): C$2,730,477.43.
• Placement Size Increased: Up to C$3.5 M gross proceeds.
• FT Share Structure: Each FT share is a flow‑through share under Canada’s Income Tax Act; proceeds earmarked for eligible exploration expenses on the 688‑km² Newmont Lake project, with renunciation required by Dec 31 2025 and expense incurrence by Dec 31 2026.
• NFT Unit Structure: Each unit = one common share + ½ common share purchase warrant (exercise price C$0.22 per share; expiry Aug 19 2027). Proceeds for general working capital.
• Finder’s Fees: $91,694.99 cash plus 599,741 finder warrants issued to Haywood Securities Inc., Leede Financial Inc., and Mezzo Consulting Services SA (details of cash and warrant allocations provided). Finder warrants non‑transferable, exercisable at C$0.18 per share until Aug 19 2026.
• Hold Period: All securities subject to a four‑month hold period under Canadian securities law; exchange hold expires Dec 20 2025.
• Related‑Party Purchases: CEO Robert Cameron bought 215,000 FT shares and 130,000 NFT units; President William Slack purchased 400,000 NFT units; Director Brandon Macdonald purchased 600,000 NFT units. Transaction qualifies as a related‑party transaction under MI 61‑101, with exemptions applied.
• Exchange Condition: Offering pending final acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)