Cullinan Metals closes $343,000 private placement

Dec 29, 2022

2022-12-28 16:38 ET – News Release

Mr. Marc Enright-Morin reports

CULLINAN ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Cullinan Metals Corp. has closed a non-brokered private placement of 1,146,000 units for gross proceeds of $343,800.

Each unit consists of one common share in the capital of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of 60 cents per share for a period of 24 months from the date of closing of the offering. In the event that the shares trade at a price of $1 and above for 10 consecutive trading days, the company may, at its option, accelerate the warrant expiry date by providing notice to the warrant holders by way of a news release that the 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 $24,066 in cash and 80,220 finder’s warrants. The finder’s warrants are non-transferable and exercisable on the same terms as the warrants issued under the offering.

The net proceeds of the offering will be used for working capital and general corporate purposes.

The securities issued under the offering are subject to a statutory hold period of four months and one day 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/