Gelum Resources Ltd. announced a non-brokered private placement of 3,333,333 flow-through shares at a price of CAD 0.3 per flow-through share for gross proceeds of CAD 999,999.9 and 2,500,000 non flow-through units at a price of CAD 0.2 per non flow-through unit for gross proceeds of CAD 500,000 for total gross proceeds of up to CAD 1,499,999.9 on September 20, 2022. Each non flow-through unit and ordinary unit consists of one common share and one half of a common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 0.45 per share for a period of 18 months from the date of closing.

The expiry of the warrants may be accelerated if the closing price of the common shares on the exchange is equal to or greater than CAD 0.60 for a minimum of twenty consecutive trading days and a notice of acceleration is provided in accordance with the terms of the warrants. The securities are being subject to four months and one day hold period.