Canadian Metals Inc. announced a non-brokered private placement of up to 53,797,468 flow-through units at an issue price of CAD 0.0316 per flow-through unit for gross proceeds of up to CAD 1,700,000 on December 13, 2022. Each unit consists of one common share of the company issued on a flow-through basis and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional non-flow-through common share the capital of the corporation at a price of CAD 0.048 for a period of 24 months from its issuance.

The company may pay finder's fees to certain qualified arm's length finders, subject to approval by the Canadian Securities Exchange. All securities issued in respect of the private placement will be subject to a hold period of four months and a day from closing of the private placement in accordance with securities laws. The private placement is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange.