Cullinan Metals Corp. announced a non-brokered private placement of up to 625,000 flow-through units at an issue price of CAD 0.4 per flow-through unit for gross proceeds of up to CAD 250,000 on June 7, 2023. Each flow-through unit will be comprised of one flow through common share and one-half of one transferrable non-flow-through common share purchase warrant, exercisable for one non-flow through common share at a price of CAD 0.6 per non-flow through share for a period of two years from the closing date of the transaction.

In the event that the shares trade at a price of CAD 1 and above for ten consecutive trading days, the company may, at its option, accelerate the non-flow through warrant expiry date by providing notice to the non-flow through warrant holders by way of a news release that the non-flow through warrants will expire on the 30th day from the date of the acceleration notice. The finders' fees may be paid in accordance with policies of the Canadian Securities Exchange. All securities to be issued under the transaction will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The closing of the transaction is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Exchange. There can be no assurance that the transaction will be completed, whether in whole or in part.