Canada One Announces $750,000 Private Placement

Rhea-AI Summary

Canada One Mining Corp. (TSXV: CONE, OTC Pink: COMCF) has announced a non-brokered private placement of up to 37,500,000 units at $0.02 per unit, aiming to raise $750,000. Each unit includes one common share and one warrant, exercisable at $0.05 per share for three years post-closing. The funds will support exploration, development, liability settlements, and general administrative expenses, with up to 10% allocated for investor relations and non-arms length parties. The private placement is expected to close by August 23, 2024, pending regulatory approvals. The previously announced placement from April 15, 2024, has been cancelled. Additionally, revised expenditure requirements for the CM1 copper property include $30,000 by October 15, 2024, $75,000 by October 15, 2025, and $100,000 by October 15, 2026.

Positive

• Canada One plans to raise $750,000 through a private placement.
• Funds will support exploration and development of the company's properties.
• Up to 10% of proceeds will be used for investor relations and non-arms length parties.
• Private placement expected to close by August 23, 2024, pending approvals.

Negative

• Cancellation of the previously announced private placement from April 15, 2024.
• Additional expenditure requirements for the CM1 copper property.

Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) - Canada One Mining Corp. (TSXV: CONE) (OTC Pink: COMCF) ("Canada One" or the "Company") is pleased to announce a non-brokered private placement (the "Private Placement") consisting of up to 37,500,000 units of the Company, (each, a "Unit"), at a price of $0.02 per Unit.

Each Unit will consist of one (1) common share in the capital of the Company (each, a "Common Share") and one (1) whole Common Share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable into one (1) Common Share (each, a "Warrant Share") at a price of $0.05 per Warrant Share for a period of three (3) years after the closing date of the Private Placement (the "Closing Date").

The Company intends to use the net proceeds of the Private Placement to fund its exploration and development of the Company's properties, extinguish liabilities and payables and for general administrative and working capital expenses. It is estimated that up to 10% of the net proceeds may be used to pay investor relations or market making services. It is also estimated that up to 10% of the net proceeds may be used to pay non-arms length parties. The Company may pay finder's fees as permitted by the policies of the TSXV and applicable securities laws.

The Private Placement is expected to close on or about August 23^rd, 2024, subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV.

The Company's previously announced private placement on April 15, 2024 has been cancelled.

The Company also wishes to correct the terms of its CM1 copper property (the "Property") option first announced October 26, 2023. The work expenditure requirements on the Property are as follows:

1. incur $30,000 in expenditures on the Property before October 15, 2024;
2. incur a further $75,000 in expenditures on the Property before October 15, 2025; and
3. incur a further $100,000 in expenditures on the Property before October 15, 2026.

For further information, interested parties are encouraged to visit the Company's website at www.canadaonemining.com, or contact the Company by email at ir@strategixir.com, or by phone at 1.877.844.4661.

On behalf of the Board of Directors of

CANADA ONE MINING CORP.

Peter Berdusco
President and Chief Executive Officer

1 877 844 4661

Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the successful closing of the Offering and anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216029

FAQ

What is the private placement amount announced by Canada One (COMCF)?

Canada One announced a non-brokered private placement of up to 37,500,000 units at $0.02 per unit, aiming to raise $750,000.

What do the units of Canada One's private placement consist of?

Each unit consists of one common share and one warrant, with the warrant exercisable at $0.05 per share for three years post-closing.

How will Canada One (COMCF) use the proceeds from the private placement?

The funds will be used for exploration and development, liability settlements, and general administrative expenses, with up to 10% for investor relations and non-arms length parties.

When is the closing date for Canada One's private placement?

The private placement is expected to close on or about August 23, 2024, pending necessary approvals.

What happened to Canada One's previous private placement announced on April 15, 2024?

The previously announced private placement from April 15, 2024, has been cancelled.