Ares Strategic Mining Inc. announced a private placement of secured convertible debentures in the aggregate principal amount of CAD 1,000,000 on November 22, 2022. The Debentures will mature on the date that is two years from the date of issuance and bear interest at a rate of 12% per annum, payable semi-annually. The holders shall have the right to convert the principal sum of the debentures and any unpaid interest into common shares of the company at a price of CAD 0.26 per Conversion Share at any time and from time to time until the Maturity Date, or such other conversion price that is acceptable to the Canadian Securities Exchange.

The company may pay fees equal to 8% of the gross proceeds of the debentures, and such number of share purchase warrants equal to 8% of the number of common shares issuable upon the conversion of the Debentures. Each finder's warrant shall be exercisable into one common share in the capital of the Company at an exercise price of CAD 0.26 per share for a term of two years from the date of issuance. The transaction will be subject to approval of the CSE.

The Debentures, finder's warrants, and any securities issued upon the conversion or exercise thereof, as applicable, will be subject to a hold period of four months and one day from the date of issuance.