Cullinan Metals arranges $500,000 private placement

May 4, 2023

2023-05-03 14:34 ET – News Release

Mr. Marc Enright-Morin reports

CULLINAN METALS ANNOUNCES $500,000 FLOW-THROUGH FUNDING FOR QUEBEC EXPLORATION

Cullinan Metals Corp. has arranged a non-brokered private placement of up to 555,556 flow-through shares at a price of 90 cents per flow-through share for gross proceeds of up to $500,000. The FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Act”), and, if applicable, subsection 359.1 of the Taxation Act (Quebec).

The gross proceeds from the issuance of the FT Shares will be used to incur “Canadian exploration expenses” and will qualify as “flow-through mining expenditures” as defined under subsection 127(9) of the Income Tax Act (Canada) and under section 359.1 of the Taxation Act (Quebec) (the “Qualifying Expenditures”). The Company will renounce the Qualifying Expenditures to the subscribers with an effective date of no later than December 31, 2023, and as required under the Act. In addition, with respect to Quebec resident subscribers of FT Shares and who are eligible individuals under the Taxation Act (Quebec), the Qualifying Expenditures will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Quebec).

Finders’ fees may be paid in accordance with policies of the Canadian Securities Exchange (the “Exchange”). All securities to be issued under the FT Offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The closing of the FT Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Exchange. There can be no assurance that the FT Offering will be completed, whether in whole or in part.

About Cullinan Metals Corp.

Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. Cullinan is focused on key energy resources such as the development of copper, graphite and lithium assets around the world.

We seek Safe Harbor.

https://www.cullinanmetals.com/