Red Metal Resources Ltd. announced a non-brokered private placement of up to 6,666,667 units at a price of CAD 0.15 per unit for gross proceeds of CAD 1,000,000 on March 25, 2022. Each Unit will consist of one common share and one whole transferable common share purchase warrant. Each whole Warrant will entitle the holder thereof, on exercise, to purchase one common share in the capital of the company until the close of business on the day which is 24 months from its date of issue at an exercise price of CAD 0.30 per warrant share for the first 12 months from its date of issue and CAD 0.60 per Warrant Share for the remaining 12 months.

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.