XXIX Metal closes $17.25-million financing

Executive Summary
- XXIX Metal Corp. closed a best‑efforts private placement raising approximately $17.25 million in gross proceeds.
- The offering consisted of Ontario and Quebec charity flow‑through units and non‑flow‑through units, issuing over 140 million securities (FT shares, warrants, and common shares).
- Proceeds are earmarked for eligible Canadian exploration expenses on the Opemiska project (Quebec) and Thierry project (Ontario), as well as general corporate purposes and working capital.
Key Details
- Units Issued:
- 27,778,000 Ontario charity flow‑through (FT) units @ $0.18 per unit
- 31,579,000 Quebec charity FT units @ $0.19 per unit
- 52,083,917 non‑flow‑through units @ $0.12 per unit
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Total Gross Proceeds: $17,250,120.
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Composition of Units:
- Each Ontario FT unit = 1 common share + ½ common share purchase warrant (both flow‑through).
- Each Quebec FT unit = 1 common share + ½ warrant (both flow‑through under Quebec tax rules).
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Non‑flow‑through units = 1 common share + ½ warrant (not flow‑through).
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Warrant Terms:
- Exercise price: $0.17 per share.
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exercisable for 24 months from closing; restriction on exercise expires 61 days after issue date.
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Securities Issued in Total:
- 58,343,800 FT shares
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29,171,900 warrants
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Exemptions Utilized:
- Part 5A of NI 45‑106 (listed issuer financing exemption) for the majority of securities.
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Accredited investor and minimum amount investment exemptions for 1,013,200 Ontario FT units and 52,083,917 non‑flow‑through units.
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Hold Period: Securities not issued under the listed‑issuer exemption are subject to a hold period of four months + one day.
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Use of Proceeds:
- Gross proceeds from Ontario FT units → eligible Canadian exploration expenses for the Thierry project (Ontario).
- Gross proceeds from Quebec FT units → eligible Canadian exploration expenses for the Opemiska project (Quebec).
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Net proceeds also allocated to advance the Opemiska preliminary feasibility study, additional studies, general corporate purposes, and working capital.
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Insider Participation: Insiders subscribed for 150,000 securities; transaction qualifies as a related‑party transaction under MI 61‑101 but falls below the 25 % market‑cap threshold, so no minority‑shareholder approval required.
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Agent Compensation:
- Cash commission paid to agents: $877,207.
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Broker warrants issued: 5,886,455 (exercise price $0.12, exercisable for 24 months).
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Regulatory Condition: Closing subject to final approval by the TSX Venture Exchange.