Chibougamau Independent Mines Inc. announced a private placement of maximum of 2,758,620 flow-through common shares at a price of CAD 0.145 per share for maximum gross proceeds to CAD 400,000, and maximum of 4,050,000 common shares at a price of CAD 0.10 per share for maximum gross proceeds CAD 405,000, for an aggregate gross proceeds of CAD 805,000 on December 13, 2022. It is expected that two directors of will purchase an aggregate of 1,200,000 common shares to be issued at CAD 0.10 per share for total consideration of CAD 120,000. Closing of the transaction is expected to take place by December 31, 2022.

The transaction is subject to approval by the TSX Venture Exchange.