Minnova Corp. Announces Closing of Brokered LIFE Offering for Gross Proceeds of C$4.82 Million

Core Viewpoint - Minnova Corp. has successfully closed a brokered private placement offering, raising gross proceeds of C$4.82 million to support its PL Gold Mine Project and general corporate purposes [1][3]. Group 1: Offering Details - The offering consisted of the sale of 12,900,000 units at C$0.20 each and 9,739,800 flow-through units at C$0.23 each, totaling C$4,820,154 [1]. - Each unit includes one common share and one warrant, while each flow-through unit includes one common share and one warrant classified as a "flow-through share" [2]. - The warrants allow holders to purchase common shares at C$0.30 until December 3, 2028 [2]. Group 2: Use of Proceeds - The net proceeds will be allocated to the exploration and advancement of the PL Gold Mine Project in Manitoba, along with working capital and general corporate purposes [3]. - Proceeds from the sale of flow-through shares will be used for eligible Canadian exploration expenses related to the PL Gold Mine Project, with expenditures to be renounced in favor of FT Unit purchasers by December 31, 2025 [4]. Group 3: Regulatory Compliance - The offering was conducted under the listed issuer financing exemption, allowing for the sale of units to Canadian purchasers [5]. - Flow-through units were sold under accredited investor and minimum amount investment exemptions, with a hold period expiring on April 4, 2026 [6]. Group 4: Financial Arrangements - Red Cloud Securities Inc. acted as the sole agent and bookrunner, receiving cash fees of C$256,809.24 and 1,196,388 non-transferable common share purchase warrants as compensation [7]. Group 5: Company Overview - Minnova Corp. is focused on restarting and expanding its 100%-owned PL Gold Mine in Manitoba, which has significant existing infrastructure [12]. - A positive 2018 Feasibility Study indicated a robust 5-year mine life with an annual production rate of 46,493 ounces, and the company is revising its development plan to prioritize lower-cost open pit mining methods [13]. - The current global gold resource remains open for expansion, with a Mineral Resource Estimate revision planned for 2026 [14].