Critical One closes oversubscribed private placement and issues stock options
Critical One Energy Inc. is pleased to announce that, further to a press release issued on 14th April 2025, the Company has closed its oversubscribed, non-brokered financing and issued 6,075,000 units at a price of CDN$0.20 per Unit for aggregate gross proceeds of CDN$1,215,000.
Each Unit consists of one common share in the capital of the Company and 1/2 of one common share purchase warrant. Each full Warrant entitles the holder thereof to purchase one Common Share for a price of CDN$0.35 for a period of 18 months from the date of issuance.
As part of the Private Placement, two directors participated for an aggregate value of CDN$240,000 and received 1,200,000 Units.
The issuance of Units to the Related Parties constitutes a “related party transaction” as such term is defined by Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). The Company has relied on the exemption from the MI 61-101 valuation and minority approval requirements for related-party transactions under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of Common Shares to the Related Parties, exceeds 25% of the Company’s market capitalisation (as determined under MI 61-101).
All securities issued pursuant to the Private Placement described above will be subject to a four-month and one-day hold period.
In connection with the Private Placement, the Company paid compensation to certain eligible finders consisting of cash finder’s fees in an aggregate amount of CDN$67,100.
It is anticipated that proceeds from the Private Placement will be used for exploration activities on the Company’s Howells Lake Antimony-Gold Project, as well as general and administrative expenses. The Howells Lake Antimony-Gold Project is located in the Thunder Bay Mining Division of Ontario, Canada.
Stock options
Critical One also announces that it has granted stock options exercisable for 550,000 common shares to certain members of management and the Board of Directors of the Company. The options will vest immediately and are exercisable at a price of CDN$0.45 per share for a period of five years following the grant date.
