Red Metal Resources Ltd. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for gross proceeds of CAD 500,000 on March 16, 2023. Each Unit will consist of one common share and one whole non-transferable common share purchase warrant. Each whole Warrant will be exercisable to acquire one Share at an exercise price of CAD 0.12 per Share for a period of 12 months from the date of issuance and at an exercise price of CAD 0.20 per share for the period 12 to 24 months from the date of issuance.

Certain insiders of the Company may acquire Units in the Offering. The Company may pay finders' fees on a portion of the Offering, subject to applicable securities legislation. The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.