Cullinan Metals closes $250,000 private placement

Jun 13, 2023

2023-06-13 09:09 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 June 7, 2023, has closed a non-brokered private placement of 625,000 flow-through (FT) units at a price of 40 cents per flow-through unit for gross proceeds of up to $250,000.

Each FT unit comprises (a) one flow-through common share that will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada); and (b) one-half of one transferrable non-flow-through (non-FT) common share purchase warrant exercisable for one non-flow-through common share at a price of 60 cents per non-FT Share for a period of two years from the closing date of the offering.

In the event that the shares trade at a price of $1.00 and above for 10 consecutive trading days, the company may, at its option, accelerate the non-FT warrant expiry date by providing notice to the non-FT warrant holders by way of a news release that the non-FT warrants will expire on the 30th day from the date of the acceleration notice.

In connection with the offering, the company will pay finder’s fees consisting of $15,000 and 37,500 finder’s warrants. The finder’s warrants are non-transferable and exercisable at price of 40 cents per non-FT share for a period of two years from the closing date of the offering.

The gross proceeds from the issuance of the FT units will be used to incur Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined under Subsection 127(9) of the Tax Act. The company will renounce the qualifying expenditures to the subscribers with an effective date of no later than Dec. 31, 2023, and as required under the act.

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/