Armada Mercantile Ltd. announced a non-brokered private placement of 757,575 common shares representing approximately 3.9% of the 19,104,409 million common shares issued and outstanding prior to the completion of the private placement, at a price of $0.33 per share for the gross proceeds of $249,999.75 on March 21, 2024. Following completion of the private placement, the company has 19,861,984 common shares issued and outstanding. All common shares issued in the private placement are subject to a hold period in Canada of four months and one day from the closing of the private placement.

All common shares issued in the United States will be subject to resale restrictions under U.S.federal and state securities laws. The transaction included participation from chief executive officer for $250,000.