Cullinan Metals closes $499,000 private placement

Sep 20, 2022

2022-09-20 14:52 ET – News Release


Mr. Marc Enright-Morin reports


Cullinan Metals Corp. has closed a non-brokered private placement of 1,663,333 units for gross proceeds of $499,000.

Each unit consists of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant entitles the holder to acquire one share at a price of 40 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 warrantholders by way of a news release that the warrants will expire on the 30th day from the date of the acceleration notice.

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.

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