The company announced that it has closed a private placement, issuing 4,910,000 units of common stock at $0.05 per unit and 2,899,285 flow-through shares at $0.07, raising $448,450 in gross proceeds. Each unit consists of one common share and a warrant to purchase an additional common share for $0.08 within 36 months. Flow-Through Units include one flow-through share and a half-warrant to purchase a common share for $0.10 within 12 months.
Three insiders subscribed for 760,000 units and 650 flow-through units, constituting a related party transaction under MI 61-101. The issuance to insiders is exempt from valuation requirements and minority shareholder approval due to the corporation's unlisted shares and the consideration amount not exceeding 25% of the market capitalization