Canadian Critical Minerals Closes Financing

Rhea-AI Summary

Canadian Critical Minerals (CCMI) has successfully closed a financing deal, generating $100,432 through the issuance of 2,008,648 units priced at $0.05 each. Each unit includes one common share and one common share purchase warrant, with warrants exercisable at $0.08 per share over a 24-month period. The funds will be allocated to exploration and development at the Bull River Mine project near Cranbrook, B.C.

Positive

• Raised $100,432 through the issuance of 2,008,648 units at $0.05 each.
• Each unit includes one common share and one purchase warrant, exercisable at $0.08 per share for 24 months.
• Funds will be used for exploration and development at the Bull River Mine project.

Negative

• All securities issued are subject to a statutory hold period of four months and one day from issuance.
• The relatively low unit price of $0.05 may indicate undervaluation or financial strain.
• Proceeds of $100,432 are modest and may not significantly impact the company's overall financial position.

Calgary, Alberta--(Newsfile Corp. - May 15, 2024) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("CCMI" or the "Company") has closed a financing, consisting of 2,008,648 units ("Units") priced at $0.05 per Unit for proceeds of $100,432 (the "Offering"). Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into a common share at a price of $0.08 per share for a period of 24 months from the Offering.

All securities issued are subject to a statutory hold period that expires four months and one day from issuance.

Proceeds from the financing will be used for exploration and development activities at the Bull River Mine project near Cranbrook, B.C.

About Canadian Critical Minerals Inc.

CCMI is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI also owns a 34% interest in the Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.

Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com

Caution Regarding Forward-Looking Information

This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.

Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209357

FAQ

What did Canadian Critical Minerals (RIINF) announce on May 15, 2024?

Canadian Critical Minerals announced the closing of a financing deal, raising $100,432 through the issuance of 2,008,648 units.

What is the exercise price for the warrants issued by Canadian Critical Minerals (RIINF)?

The exercise price for the warrants is $0.08 per share, valid for 24 months from the offering.

What will the funds raised by Canadian Critical Minerals (RIINF) be used for?

The funds will be used for exploration and development activities at the Bull River Mine project near Cranbrook, B.C.

What is the statutory hold period for the securities issued by Canadian Critical Minerals (RIINF)?

All issued securities are subject to a statutory hold period of four months and one day from issuance.

How many units did Canadian Critical Minerals (RIINF) issue in their recent financing?

Canadian Critical Minerals issued 2,008,648 units in their recent financing.