Metalite Announces Upsizing of Private Placement to up to $700,000

Core Viewpoint - Metalite Resources Inc. is increasing its non-brokered private placement due to strong investor demand, raising total gross proceeds from $465,000 to $700,000 [1] Private Placement Details - The private placement will consist of units priced at $0.15 each, with each unit comprising one common share and one-half of a common share purchase warrant [4] - The warrants will allow holders to purchase one common share at a price of $0.25, with an expiry date two years from issuance, subject to acceleration if the share price exceeds $0.50 for ten consecutive trading days [4] Debt Settlement - Concurrently, the company plans to settle $352,842 of debt by issuing 2,352,277 common shares at a deemed price of $0.15 per share [2] - The debt settlement is part of a strategy to manage obligations to senior management and advisors [2] Closing Timeline - The private placement and debt settlement are expected to close around February 9, 2026 [3] Use of Proceeds - The net proceeds from the private placement will be utilized for working capital and general corporate purposes [6] Shareholder Approval - Due to the issuance exceeding 100% of the currently outstanding common shares, shareholder approval is required before the issuance of certain shares and warrants [6] - The company intends to obtain this approval through written consent from a majority of shareholders [6] Insider Participation - Certain insiders are expected to participate in the private placement, which is classified as a related party transaction [7] - The company will rely on exemptions from formal valuation and minority approval requirements, as the participation does not exceed 25% of the company's market capitalization [7] Company Overview - Metalite Resources Inc. is a Canadian junior mineral exploration issuer focused on precious metals projects in New South Wales, Australia [8]