Silicon Metals Corp. Closes Initial Tranche of Its Strategic NFT and FT Unit Offerings for Aggregate Gross Proceeds of $145,000

Core Points - Silicon Metals Corp. has successfully closed the initial tranche of its non-brokered private placements, raising a total of $145,000 [1] - The company plans to close the final tranche of the offering next week [1] Offering Details - In the First Tranche, 1,500,000 non-flow-through units were issued at $0.05 per share, generating gross proceeds of $75,000 [2] - Each non-flow-through unit consists of one common share and one half of a common share purchase warrant, with a full warrant allowing purchase at $0.06 for 24 months [2] - An accelerator provision is included, allowing the company to shorten the warrant expiry if the share price reaches $0.15 for ten consecutive trading days [2] - Additionally, 1,000,000 flow-through units were issued at $0.07 per share, raising $70,000 [3] - Each flow-through unit also includes a warrant with an exercise price of $0.10 for 24 months and the same accelerator provision [3] Use of Proceeds - Proceeds from the non-flow-through units will be used for general working capital [4] - Proceeds from the flow-through units will be allocated to eligible exploration expenditures in British Columbia and Ontario [4] Additional Information - Finder's fees of $1,400 were paid, and 20,000 finder's warrants were issued, each exercisable at $0.07 for 24 months [4] - All securities issued will be subject to a statutory hold period of four months and one day [5] - The offering securities will not be registered under the United States Securities Act of 1933 [6] Company Overview - Silicon Metals Corp. focuses on exploration and development in Canada, particularly in British Columbia and Ontario [7] - The company’s Maple Birch Project has a production permit for 3,000 tonnes per year [7] - The company also holds rights to several exploration stage projects, including the Ptarmigan Silica Project and the Silica Ridge Silica Project [8]