Brasnova closes first tranche of $750,000 financing

Executive Summary

• Brasnova Energy Materials Inc. received conditional TSX Venture Exchange approval for a non‑brokered private placement up to $750,000 and closed the first tranche raising $238,800.
• The financing consists of up to 7.5 million units at $0.10 per unit (each unit = 1 common share + 1 warrant); warrants exercisable at $0.20 for 24 months with acceleration rights if the share price ≥ $0.50 for ten consecutive days.
• Proceeds will fund project payments, acquisitions, exploration & development activities, and working‑capital needs.

Key Details

• Conditional Approval: TSX Venture Exchange approved a private placement of up to $750,000 in aggregate gross proceeds.
• Unit Structure: Up to 7.5 million units at $0.10 per unit, each unit comprising:
• 1 common share of Brasnova Energy Materials Inc.
• 1 common‑share purchase warrant (exercisable for an additional share at $0.20).
• Warrant Terms: Warrants exercisable for 24 months; company may accelerate exercise if the share price trades at or above $0.50 for ten consecutive trading days.
• First Tranche Closed: Issued 2,388,000 units, generating gross proceeds of $238,800.
• Insider Participation: An insider subscribed for $25,000 in the first tranche (related‑party transaction under MI 61‑101); exempt from formal valuation and minority‑shareholder approval because the fair market value is ≤ 25 % of market cap.
• Finder’s Fees & Broker Warrants: Paid cash finder fees of $6,930; issued 6,930 non‑transferable broker warrants concurrent with tranche closing.
• Statutory Hold: All securities issued are subject to a statutory hold period of four months and one day from issuance date.
• Use of Proceeds: Funds allocated for project payments & acquisitions, exploration and development, and working‑capital expenditures.

Notable Quotes

(No direct quotes were provided in the release.)