Canadian Metals Inc. announced that it has received a private placement consisting of units issued at CAD 0.1 per share and flow-through common shares issued at CAD 0.13 per share for gross proceeds of up to CAD 500,000 on May 3, 2022. Each unit consists of one common share of the company and half common share purchase warrant exercisable at CAD 0.20 per share for 24 months from closing. All securities issued under the private placement are subject to a holding period of four months in accordance with applicable securities laws.

The company expects to close the transaction on or before May 20, 2022.