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T2 Metals Announces Closing of Private Placements Totaling over $2.9 Million
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - T2 Metals Corp. (TSXV: TWO)...
About this update from T2 Metals Corp
[{"type":"text","content":"T2 Metals Announces Closing of Private Placements Totaling over $2.9 MillionVancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - T2 Metals Corp. (TSXV: TWO) (OTCQB: AGLAF) (WKN: A2DR6E) (\"T2\" or the \"Company\") is pleased to announce final closing of a non-brokered private placement financing (the \"Private Placement\") and a non-brokered Flow Through private placement financing (the \"FT Private Placement\") for a total of $2,912,400 as announced June 18 2024 and June 14 2024 respectively.The Private Placement financing raised gross proceeds of $2,400,000 by issuing a total of 9,600,000 units (each a \"Unit\"), at a price of $0.25 per Unit. The FT Private Placement raised gross proceeds of $512,400 by issuing a total of 1,830,000 units (each an FT Unit), at a price of $0.28 per FT Unit. Each Unit and FT Unit comprised one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of $0.40 for a period of three years from closing. Certain insiders of the Company participated in the Offering and purchased an aggregate of 654,000 Units and 152,850 FT Units. Participation of the insiders in the Offering constituted a \"related party transaction\" as defined under Multilateral Instrument 61‐101 - Protection of Minority Security Holders in Special Transactions (\"MI 61‐101\"), but was exempt from the formal valuation and minority shareholder approval requirements of MI 61‐101, as neither the fair market value of the securities issued to the insider nor the consideration paid by the insider exceeded 25% of the Company's market capitalization. None of the Company's directors expressed any contrary views or disagreements with respect to the foregoing. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the insiders of the Company had not been confirmed at that time.Finders' fees in the amount of $50,294 cash were paid on a portion of the financings. Proceeds will be used for working capital and exploration. Mark Saxon, CEO of T2 Metals Corp. said \"This financing was very well supported by management, institutions and existing shareholders, and places the Company on a strong path to continued discovery.\" All securities issued...