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EDM Announces Closing of $1M Non-Brokered Private Placement
Halifax, Nova Scotia--(Newsfile Corp. - December 12, 2025) - EDM Resources Inc. (TSXV: EDM) (FSE:...
About this update from Edm Resources Inc
[{"type":"text","content":"EDM Announces Closing of $1M Non-Brokered Private PlacementHalifax, Nova Scotia--(Newsfile Corp. - December 12, 2025) - EDM Resources Inc. (TSXV: EDM) (FSE: P3Z) (\"EDM\" or the \"Company\") is pleased to announce the closing of its previously announced non-brokered private placement financing for aggregate gross proceeds of C$1.0 million (the \"Offering\").The President and CEO, Mr. Mark Haywood, stated: \"EDM is pleased to announce the closing of this $1M financing. Net proceeds of the Offering will be used to complete the Fisheries Act Authorization Application for our Scotia Mine and for general working capital purposes.\"The Offering consisted of 9,090,909 units (\"Units\") of the Company at a price of C$0.11 per Unit for gross proceeds of C$999,999.99 each Unit consisting of one common share of the Company and one share purchase warrant entitling the holder to purchase one common share of the Company (each a \"Warrant Share\") at a price of C$0.14 for each Warrant Share, until December 12, 2028. The Company will use the net proceeds from the Offering for environmental work at its wholly owned Scotia Mine, located 60 km north of Halifax (the \"Scotia Mine\"), and for general working capital purposes.If the Company's common shares trade at or above a volume-weighted average trading price of $0.30 per common share for 10 consecutive trading days, the Company may accelerate the expiry time of the warrants to 30 days from the date on which the Company provides written notice to the holders of the warrants.Certain directors, officers, and other insiders of the Company (collectively the \"Insiders\") have acquired a total of 1,765,455 Units in the Offering. The participation of Insiders constitutes a \"related party transaction\", as such term is defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 which apply to related party transactions as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).In connection wi...