Metalite Announces Closing of Private Placement and Debt Settlement

About this update from Metalite Resources Inc

Toronto, Ontario--(Newsfile Corp. - February 10, 2026) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D68) ("Metalite" or the "Company") is pleased to announce that it has closed its previously announced (see the Company's press releases dated January 20, 2025 and February 4, 2025) non-brokered private placement (the "Private Placement") of 4,900,669 units of the Company (the "Units") for total gross proceeds of $735,100. Each Unit was sold at a price of $0.15 and comprised of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share, at any time on or before February 9, 2028 (subject to acceleration) (the "Expiry Date") at a price of $0.25 (the "Warrant Exercise Price"). The Company has the right to accelerate the expiry date of all or part of the then outstanding Warrants if the closing price of the Common Shares on the exchange on which the Common Shares are listed is at or above $0.50 per Common Share for a period of ten (10) consecutive trading days. If the Company elects to exercise this right, it may provide written notice to the Warrant holders, and the Warrants shall thereafter expire thirty (30) days following the date of such notice. This acceleration provision will not be exercisable prior to four months and one day after the date of issuance of the Warrants. In connection with the Private Placement, the Company paid aggregate cash finder's fees of $12,960 and issued 86,400 broker warrants. Each broker warrant entitles the holder thereof to purchase one Unit at a price of $0.15 until February 9, 2028. The Company intends to use the net proceeds of the Private Placement for working capital and for other general corporate purposes. Concurrent with the closing of the Private Placement, the Company also issued a total of 2,352,277 Common Shares at a deemed price of $0.15 per Common Share in order to satisfy the $352,842 of indebtedness owing to senior management, former professional service providers, and financial advisors assisting in the evaluation of strategic opportunities (the "Debt Settlement"). Following completion of the Private Placement and the Debt Settlement, the ...

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