Business
Steadright Critical Minerals Announces Extension of Private Placement and Life Offering
March 11th, 2024 – Huntsville, Ontario – Steadright Critical Minerals Inc. (CSE: SCM) (“Steadright” or the “Company”) is pleased to announce that it is extendin
About this update from Steadright Critical Minerals, Inc.
[{"type":"text","content":"March 11th, 2024 – Huntsville, Ontario – Steadright Critical Minerals Inc. (CSE: SCM) (“Steadright” or the “Company”) is pleased to announce that it is extending the non-brokered private placement financing (the “Offering”) for aggregate gross proceeds of C$500,000 from the sale of up to 3,500,000 units of the Company at $0.05 per unit (the “Unit Offering”) as well as the sale a minimum of 6,000,000 and maximum of 6,500,000 common shares of the Company at $0.05 per common share (the “Common Shares Offering”, and together with the Unit Offering, the “Private Placement”). Closing of the Private Placement is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals. The net proceeds of the Private Placement are intended to be used to further exploration on the Company’s properties and for working capital purposes. The minimum amount, plus the proceeds from the Private Placement to provide sufficient funds for the Company to meet its business objectives and liquidity requirements for a period of 12 months. Pursuant to the terms of the Unit Offering, each unit is comprised of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant (each warrant a “Warrant”). Each Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.085 at any time on or before that date which is 12 months after the closing date of the Unit Offering. All securities to be issued under the Unit Offering will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing of the Offering as defined in Subsection 2.5(2) of Multilateral Instrument 45-102 - Resale of Securities and in accordance with applicable Canadian securities laws. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the common shares sold under the Common Share Offering will be offered for sale to purchasers resident in Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The common shares of the Company issuable under the Listed Issuer Financing Exemption are expected to be immediately freely tra...