Iconic Minerals Announces Closing of Non-Brokered Private Placement for $3,750,000

Core Viewpoint - Iconic Minerals Ltd. has successfully closed a non-brokered private placement, raising CAD$3,750,000 through the issuance of 30,000,000 units at CAD$0.0125 per unit [1] Group 1: Private Placement Details - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of an additional common share at an exercise price of CAD$0.17 for two years [2] - The company may accelerate the expiry date of the warrants if its common shares trade at or above CAD$0.35 for a minimum of 10 non-consecutive trading days [2] - All securities issued are subject to a four-month and one-day hold period in Canada, and the closing is contingent upon TSXV approval [3] Group 2: Use of Proceeds - Proceeds from the private placement will be allocated for exploration work on the New Pass gold property in Nevada, USA, and for general working capital [3] Group 3: Finder's Fees and Related Party Transactions - The company paid finder's fees of CAD$55,081.25 and issued 470,000 finder's warrants, which are also subject to the same exercise terms as the common share purchase warrants [4] - Insiders subscribed for a total of 4,000,000 units, with significant subscriptions from the President and CFO, categorizing the private placement as a related party transaction [4] - The company relied on exemptions from formal valuation and minority shareholder approval requirements under MI 61-101 [4]