Armory Mining Corp. Closes LIFE Offering

Rhea-AI Summary

Armory Mining Corp (CSE:ARMY, OTC:RMRYF, FRA:2JS) has completed its non-brokered private placement LIFE offering, raising $677,175 through the issuance of 5,016,111 common shares at $0.135 per share.

As part of the offering, the company paid $65,017 in cash finder's fees and issued 481,611 finder's warrants exercisable at $0.135 per share until January 22, 2029. Additionally, 370,500 finder's shares and 700,000 common shares were issued as compensation for advisory services.

The proceeds will fund exploration work at the Kaslo Silver project and the Nova Scotia Ammo Project, along with working capital and general corporate purposes. Shares issued under the listed issuer financing exemption will not be subject to a hold period under Canadian securities laws.

Positive

• Raised $677,175 in gross proceeds through share offering
• Secured funding for exploration work at two mining projects
• No hold period on issued shares, providing immediate liquidity

Negative

• Share dilution through issuance of 6,568,222 total new shares
• Additional costs of $65,017 in cash finder's fees
• Further dilution through issuance of 481,611 finder's warrants

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESS Newswire / January 22, 2025 / Armory Mining Corp. (CSE:ARMY)(OTC PINK:RMRYF)(FRA:2JS) (the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement LIFE offering (the "Offering") by issuing 5,016,111 common shares at a price of $0.135 per share for aggregate gross proceeds of $677,175.

In connection with the Offering, the Company paid cash finder's fees of $65,017, issued 481,611 finder's warrants, and issued 370,500 finder's shares to eligible arm's length finders. The finder's warrants are exercisable into a common share at $0.135 per share until January 22, 2029. The Company also issued 700,000 common shares as compensation for advisory services provided in connection with the Offering.

The proceeds raised from the Offering are expected to be used for exploration work on the Kaslo Silver project and the Nova Scotia Ammo Project, working capital and general corporate purposes.

The shares issued pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document related to this Offering that can be accessed under the Company's profile at www.sedarplus.com and at the Company's website www.armorymining.com.

About Armory Mining Corp.
Armory Mining Corp. is a Canadian lithium focused mineral exploration company which has an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Armory also holds a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia, a 100% interest in certain mineral claims located in Haida Gwaii, British Columbia and an option to acquire a 100% interest in certain mineral claims located in Nova Scotia.

FOR FURTHER INFORMATION CONTACT:
Nader Vatanchi
CEO, Director
e:nader@armorymining.com
p: 778-881-4631

Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to the use of proceeds of the Offering. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "anticipated" "expected" "intends" "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Company's securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

SOURCE: Armory Mining Corp.

View the original press release on ACCESS Newswire

FAQ

How much did Armory Mining (RMRYF) raise in its LIFE offering?

Armory Mining raised $677,175 in gross proceeds through the issuance of 5,016,111 common shares at $0.135 per share.

What is the exercise price and expiry date for RMRYF's finder's warrants?

The finder's warrants are exercisable at $0.135 per share until January 22, 2029.

How will Armory Mining (RMRYF) use the proceeds from the LIFE offering?

The proceeds will be used for exploration work on the Kaslo Silver project and Nova Scotia Ammo Project, working capital, and general corporate purposes.

What finder's fees did RMRYF pay for the LIFE offering?

Armory Mining paid $65,017 in cash finder's fees, issued 481,611 finder's warrants, and 370,500 finder's shares to eligible arm's length finders.

Is there a hold period for shares issued in RMRYF's LIFE offering?

No, shares issued under the listed issuer financing exemption will not be subject to a hold period under Canadian securities laws.