Canadian Critical Minerals Closes $300,000 Flow-Through Financing

Rhea-AI Summary

Canadian Critical Minerals (CCMI) has successfully completed a flow-through financing, raising $300,000 through the issuance of 6,000,000 flow-through shares at $0.05 per share. The company paid $21,000 in finders' commissions and issued 420,000 non-transferrable broker warrants, exercisable at $0.05 per share for 24 months. The funds will be allocated to exploration and development activities at the Bull River Mine project near Cranbrook, B.C. All issued securities are subject to a four-month and one-day statutory hold period.

Positive

• Successfully raised $300,000 in new capital for project development
• Secured funding for exploration activities at Bull River Mine project

Negative

• Dilution of existing shareholders through issuance of 6,000,000 new shares
• Additional $21,000 in cash commissions and 420,000 broker warrants adding to dilution

News Market Reaction

-5.09%

1 alert

-5.09% News Effect

On the day this news was published, RIINF declined 5.09%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Calgary, Alberta--(Newsfile Corp. - December 9, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") has closed a flow-through financing for gross proceeds of $300,000, comprised of 6,000,000 flow-through shares with an issue price of $0.05 per share.

In connection with the financing, the Company paid finders cash commissions totalling $21,000 and issued 420,000 non-transferrable broker warrants. Each broker warrant entitles its holder to acquire one common share of the Company at a price of $0.05 per share for a 24-month period.

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

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 copper production 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. The mine has a fully developed underground infrastructure to a depth of 350 metres below surface with 21,000 metres of underground workings. The mine is being maintained in a dewatered condition. The Company is currently generating revenues from the sale of concentrated ore from a large surface stockpile.

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/233026

FAQ

How much did Canadian Critical Minerals (RIINF) raise in its December 2024 flow-through financing?

Canadian Critical Minerals raised $300,000 through the issuance of 6,000,000 flow-through shares at $0.05 per share.

What is the exercise price and duration of the broker warrants issued by Canadian Critical Minerals (RIINF)?

The broker warrants have an exercise price of $0.05 per share and are valid for a 24-month period.

How will Canadian Critical Minerals (RIINF) use the proceeds from the December 2024 financing?

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