Cullinan Metals closes $470,000 private placement

May 9, 2023

2023-05-09 09:18 ET – News Release

Mr. Marc Enright-Morin reports

CULLINAN METALS ANNOUNCES CLOSING OF FLOW-THROUGH PRIVATE PLACEMENT

Cullinan Metals Corp., further to its news release dated May 3, 2023, has closed a non-brokered private placement and issued 522,224 Quebec flow-through (FT) shares at a price of 90 cents per Quebec FT share for gross proceeds of $470,000. The Quebec FT shares qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and Subsection 359.1 of the Taxation Act (Quebec).

The gross proceeds from the Quebec FT offering will be used to finance exploration expenses on the company’s Lac des Iles West graphite property located in Quebec, and 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), which will be incurred on or before Dec. 31, 2024, and renounced to the subscribers with an effective date of no later than Dec. 31, 2023.

The company shall pay finders’ fees of $28,200 to eligible finders in connection with the Quebec FT offering. All securities issued under the Quebec FT offering are subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

About Cullinan Metals Corp.

Cullinan Metals 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/