Canadian Critical Minerals Closes $222,000 Financing

Rhea-AI Summary

Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) has successfully closed a $222,000 financing through the issuance of 3,700,000 Flow-Through Units at $0.06 per unit. Each unit includes one common share and half a warrant, exercisable at $0.09 for two years. The company paid $10,500 in finders' fees and issued 175,000 broker warrants. These warrants allow holders to acquire common shares at $0.06 for 24 months.

The proceeds are earmarked for exploration and development activities at the Bull River Mine project near Cranbrook, B.C. All securities issued are subject to a four-month and one-day statutory hold period from the date of issuance.

Positive

• Successful completion of $222,000 financing
• Funds allocated for exploration and development of Bull River Mine project

Negative

• Potential dilution of existing shareholders due to new share issuance
• $10,500 in finders' fees and 175,000 broker warrants issued, increasing costs

News Market Reaction

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On the day this news was published, RIINF declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Calgary, Alberta--(Newsfile Corp. - July 25, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") has closed a financing for proceeds of $222,000, comprised of 3,700,000 Flow-Through Units with an issue price of $0.06 per unit. Each Flow-Through Unit consists of one common share and one half of one common share purchase warrant that is exercisable into a common share at an exercise price of $0.09 per share for a period of two years.

All securities issued are subject to a statutory hold period that expires four months and one day from issuance.

In connection with the financing, the Company paid finders cash commissions totalling $10,500 and issued 175,000 non-transferrable broker warrants equal to 7% of the Flow-Through Units sold. Each broker warrant entitles its holder to acquire one common share of the Company at a price of $0.06 for a 24-month period.

Proceeds from the financing will be used for exploration and development activities at the Bull River Mine project near Cranbrook, B.C.

About Canadian Critical Minerals Inc.

CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 30% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.

Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217781

FAQ

How much financing did Canadian Critical Minerals (RIINF) raise in July 2024?

Canadian Critical Minerals (RIINF) raised $222,000 in financing in July 2024.

What is the purpose of the funds raised by Canadian Critical Minerals (RIINF)?

The funds raised will be used for exploration and development activities at the Bull River Mine project near Cranbrook, B.C.

What were the terms of the Flow-Through Units issued by Canadian Critical Minerals (RIINF)?

Each Flow-Through Unit was priced at $0.06 and consists of one common share and half a warrant, exercisable at $0.09 for two years.

How many Flow-Through Units did Canadian Critical Minerals (RIINF) issue in this financing?

Canadian Critical Minerals (RIINF) issued 3,700,000 Flow-Through Units in this financing.