Business
SLAM Announces Upsize of Flow-Through Private Placement for Gross Proceeds of up to $350,000
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States MIR...
About this update from Slam Exploration Ltd.
[{"type":"text","content":"SLAM Announces Upsize of Flow-Through Private Placement for Gross Proceeds of up to $350,000Not for Distribution to U.S. Newswire Services or for Dissemination in the United States MIRAMICHI, NB / ACCESS Newswire / May 26, 2025 / SLAM Exploration Ltd. (TSXV:SXL) (\"SLAM\" or the \"Company\") is pleased to announce that as a result of investor demand, the Company has increased the size of its non-brokered private placement financing, as previously announced on May 21, 2025. The Company is offering up to 10,000,000 flow-through units (the \"FT Units\") at a price of $0.035 per FT Unit for aggregate gross proceeds of up to $350,000 (the \"Offering\").Each FT Unit will consist of one (1) flow-through common share (each a \"FT Share\") of the Company and one half (1/2) of one transferable non-flow-through common share purchase warrant (with two such half warrants being a \"Warrant\"). Each Warrant will be exercisable to acquire one additional non-flow-through common share of the Company at a price of $0.05 for 24 months following the date of issuance.The net proceeds of the Offering will be used for the exploration and advancement of the Company's projects in New Brunswick. The gross proceeds of the FT Shares sold under the Offering will be used for Canadian Exploration Expenses (within the meaning of the Income Tax Act (Canada)) which qualify as a \"flow-through mining expenditure\" for purposes of the Income Tax Act (Canada) related to the exploration program of the Company to be conducted on the Company's properties located in the Province of New Brunswick. The Company will renounce such Canadian Exploration Expenses with an effective date of no later than December 31, 2025.The Offering is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. All securities will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws. The Company may pay finder's fees to qualified parties in connection with the Offering.Certain insiders of the Company may participate in the Offering. Any participation by insiders in the Offering will be considered a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Spe...