Perseverance Metals Closes $3,500,000 First Tranche of Private Placement and Announces Upsize of Second Tranche to over $4,700,000

About this update from Perseverance Metals, Inc.

[{"type":"text","content":"Perseverance Metals Closes $3,500,000 First Tranche of Private Placement and Announces Upsize of Second Tranche to over $4,700,000Vancouver, British Columbia--(Newsfile Corp. - March 10, 2026) - Perseverance Metals Inc. (TSXV: PMI) (\"Perseverance\", \"PMI\" or the \"Company\") is pleased to announce that it has closed the first tranche of a non-brokered private placement (the \"First Tranche\") for aggregate gross proceeds of $3,499,987 and upsized the second tranche to $4,715,503 for expected total gross proceed of $8,215,490.The First Tranche was comprised of:i) 4,615,385 hard dollar units of the Company (the \"HD Units\") priced at $0.65 per HD Unit for gross proceeds of $3,000,000; andii) 641,008 Ontario flow-through units of the Company (the \"Ontario FT Units\" and collectively with the HD Units, the \"Units) priced at $0.78 per Ontario FT Unit for gross proceeds of $499,987.Each Unit consists of one common share of the Company (a \"Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder to acquire one additional common share of the Company (a \"Warrant Share\") at a price of $0.95 for a period of 36 months from the date of issuance. The expiry date of the Warrants is subject to acceleration such that, should the closing price of the Shares on the TSX Venture Exchange (the \"TSXV\") equal or exceed $1.30 for ten consecutive trading days, the Company may, within 15 business days of such event, accelerate the expiry date of the Warrants to a date that is 30 calendar days following the date on which notice of such acceleration is given by news release, with the new expiry date specified in such news release (the \"Acceleration Clause\").The Company intends to use the proceeds from the sale of the HD Units to fund the inaugural diamond drill campaign on the Voyageur project in the Upper Peninsula of Michigan, continued exploration of the Lac Gayot Project in Québec, and for general corporate purposes. The gross proceeds from the sale of the Ontario FT Units will be used by the Company to fund \"Canadian exploration expenses\" related to the Armit Lake Project in Ontario that will qualify as \"flow-through critical mineral mining expenditures\", as such terms are defined in the Income Tax Act (Canada), and will also qualify in the case of t...

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