Aero Energy Announces Upsize to Previously Announced Non-Brokered Private Placement and Closing of First Tranche

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[{"type":"text","content":"Aero Energy Announces Upsize to Previously Announced Non-Brokered Private Placement and Closing of First TrancheVancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: 13L0) (\"Aero\" or the \"Company\") is pleased to announce that, further to its press release dated February 13, 2024, due to strong demand, the Company has upsized its previously announced private placement of units to $5,900,000 (the \"Offering\") from $5,000,000. The Company closed the first tranche of the Offering for gross proceeds of $4,537,170 on March 5, 2024.In connection with the completion of the first tranche of the Offering, the Company issued (i) 12,418,468 non-flow-through units of the Company (each, an \"NFT Unit\") at a price of $0.15 per NFT Unit; (ii) 8,425,144 flow-through units of the Company (each, an \"FT Unit\") at a price of $0.175 per FT Unit; and (iii) 5,274,724 flow-through charity units (each, an \"Charity Units\") at a price of $0.2275 for aggregate gross proceeds of $4,537,170. Each NFT Unit consists of one non-flow-through common share of the Company (each, a \"Share\") and one-half of one share purchase warrant (a \"Warrant\"). Each FT Unit and Charity Unit consists of one Share and one-half of one Warrant, each of which will qualify as \"flow-through shares\" under the Income Tax Act (Canada). Each Warrant entitles the holder thereof to acquire one additional common share of the Company (each, a \"Warrant Share\") at a price of $0.25 per Warrant Share until March 5, 2026. The Warrant Shares will be issued on a non-flow-through basis.The securities issued pursuant to the initial tranche of the Offering will be restricted from trading until July 6, 2024. A total of $199,595 cash was paid and a total of 1,107,526 finder's warrants (the \"Finder's Warrants\") were issued to eligible arm's length finders in connection with the closing of the first tranche. The Finder's Warrants were issued on the same terms as the Warrants. Eventus Capital Corp. was appointed as a Finder in connection with the Offering. The gross proceeds from the sale of the FT Units and the Charity FT Units will be used by the Company to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through critical mineral mining expenditures\" as such terms are defined in the Income Tax Act (...

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