Grit Metals Corp. Announces Closing of Private Placement

Core Viewpoint - Grit Metals has successfully closed a non-brokered private placement, raising gross proceeds of $1,004,000 to advance its Pegmatite Project in Finland and for general working capital purposes [1][3]. Group 1: Offering Details - The Company issued 10,040,000 units at a price of $0.10 per unit, each consisting of one common share and one-half of a common share purchase warrant [2]. - Each warrant allows the holder to acquire an additional common share at a price of $0.25 until January 15, 2028 [2]. - The Company paid finders' fees of $50,880 and issued 714,000 non-transferable finder's warrants to certain parties who introduced subscribers to the Offering [4]. Group 2: Insider Participation - An insider of the Company subscribed for 500,000 units in the Offering, which is classified as a "related party transaction" under Multilateral Instrument 61-101 [5]. - The issuance of securities to insiders is exempt from certain requirements of MI 61-101 due to the fair market value of the consideration not exceeding twenty-five percent of the Company's market capitalization [5]. Group 3: Company Overview - Grit Metals is focused on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland, which is strategically located near the Keliber mine and production complex [6]. - The project aligns with European and Finnish legislation promoting environmentally friendly and energy-independent policies, particularly regarding access to rare earth elements (REE) and lithium [6]. - The Keliber project, backed by Sibanye-Stillwater Limited, involves a significant investment of approximately €600 million for the development of lithium mining and processing facilities [7].