District Metals Corp. announced a private placement of minimum of 16,574,440 units for aggregate gross proceeds of CAD 2,486,166 and 20,000,000 units at a price of CAD 0.15 per unit for gross proceeds of up to CAD 3,000,000 on January 30, 2023. Each Unit shall be comprised of one common share in the capital of the Company and one-half of one Common Share purchase warrant.

Each Warrant shall entitle the holder thereof to acquire one Common Share at a price of CAD 0.20 for a period of three years from the closing date of the Offering. The Offering is anticipated to close on or about February 9, 2023, or such later date as the Company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.