NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, May 23, 2023 — Lode Metals Corp. (“Lode” or the “Company”) (CSE: LODE) is pleased to announce it will conduct a non-brokered private placement (the “Offering”), under the Listed Issuer Financing Exemption (as defined below), of units of the Company (each, a “Unit”) at a price of $0.20 per Unit to raise gross proceeds of up to $3,000,000.
Each Unit will consist of one (1) common share (each, a “Common Share”) of the Company and one (1) Common Share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one (1) Common Share at a price of $0.30 for a period of twenty-four (24) months after the closing date of the Offering, provided that if the Common Shares have a closing price on the Canadian Securities Exchange (the “CSE”) (or such other securities exchange on which the Common Shares may be traded at such time) of $0.35 or greater for a period of ten (10) consecutive trading days, then the Company may elect to accelerate the expiry date of the Warrants to the date that is thirty days following a public announcement of the election.
The net proceeds raised from the Offering will be used for the exploration of the Company’s projects and for working capital purposes. The Company does not propose to make any payments to non-arms-length parties from the proceeds of the sale of Units, other than in connection with established compensation for services provided to the Company in the ordinary course of business, nor does the Company propose to make payments from the proceeds to persons conducting investor relations activities.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Offering is being made to purchasers resident in Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI- 45-106 (the “Listed Issuer Financing Exemption”). The securities offered under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the “Offering Document”) related to the Offering that can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at: www.lodemetals.com. Prospective investors should read this offering document before making an investment decision.
As disclosed in the Offering Document, the Company may pay finders’ fees to eligible parties who have assisted in introducing subscribers to the Offering as permitted by CSE policy and applicable securities laws.
About Lode Metals Corp.
Lode Metals is a gold exploration company focused on applying modern exploration techniques integrated with current geological models to the previous producing, high-grade Cracker Creek property located in northeastern Oregon, United States. The Cracker Creek property consolidates the contiguous, high-grade, past-producing Columbia, Eureka, Excelsior and North Pole Mines, collectively the most prolific gold producers in Oregon between 1891 and 1934.
For further information contact:
President & Chief Executive Officer
Lode Metals Corp.