Business
Arras Minerals Announces Up to $15 Million Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Arras Minerals Corp
[{"type":"text","content":"Arras Minerals Announces Up to $15 Million Financing\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) --\n \n Arras Minerals Corp. (TSX-V: ARK, OTCQB: ARRKF) (“Arras” or the “Company”)\n \n is pleased to announce that it has entered into an agreement with Haywood Securities Inc., on behalf of a syndicate of agents (collectively, the “\n \n Agents\n \n ”), who have agreed to sell, on a commercially reasonable efforts private placement basis, up to 15,295,000 common shares of the Company (“\n \n Shares\n \n ”) at a price of C$0.85 per Share (the “\n \n Issue Price\n \n ”), for aggregate gross proceeds of up to C$13,000,750 (the “\n \n Brokered Offering\n \n ”). In addition, the Company intends to complete a concurrent non-brokered private placement of up to 2,353,000 Shares at the Issue Price for additional gross proceeds of up to C$2,000,050 (the “\n \n Non-Brokered Offering\n \n ”, and together with the Brokered Offering, the “\n \n Offering\n \n \"), on the same terms as the Brokered Offering with certain strategic and existing shareholders.\n \n\n Additionally, the Company has granted the Agents an option (the “\n \n Agents’ Option\n \n ”), exercisable in whole or in part by the Agents, at any time up to 48 hours prior to the Closing Date (as defined below), to sell up to an additional 2,294,250 Shares at the Issue Price.\n \n\n The Shares to be issued under the Brokered Offering, including any Shares issued upon exercise of the Agents’ Option, will be offered to purchasers pursuant to the: (i) accredited investor exemption under National Instrument 45-106 –\n \n Prospectus Exemptions\n \n (“\n \n NI 45-106\n \n ”) (the “\n \n NI 45-106 Exemption\n \n ”), and (ii) the listed issuer financing exemption (“\n \n LIFE Exemption\n \n ”) under Part 5A of NI 45-106, in all the provinces of Canada, except Québec. The Shares offered under the LIFE Exemption will not be subject to resale restrictions pursuant to applicable Canadian securities laws. All other Shares issued pursuant to the Offering will be subject to a statutor...