Recharge Resources Ltd. announced a non-brokered private placement of up to 7,890,000 units at a price of CAD 0.25 per unit for the gross proceeds of CAD 1,972,500 and up to 454,545 flow-through units at a price of CAD 0.33 per FT unit for the gross proceeds of CAD 149,999.85; for aggregate total gross proceeds of CAD 2,122,499.85 on August 31, 2023. Each unit will comprise of one common share and one transferable warrant, with each warrant entitling the holder to purchase one additional common share for a period of 12 months at a price of CAD 0.33 per share. Each FT unit is composed of one flow-through common share and one transferable warrant, with each FT warrant entitled the holder to purchase one common share for a period of 12 months at a price of CAD 0.35 per share.

All securities issued will be subject to a four month and one day hold period from the date of issuance pursuant to applicable securities legislation. The warrants and FT warrants shall contain certain provisions such that the holder shall only be entitled to exercise such warrants to the extent that the holder will own directly or indirectly, less than 10% of the issued and outstanding common shares of the company immediately following such exercise.