T2 Metals Corp. announced a private placement of 2,777,777 units in a flow-through private placement at a price of CAD 0.36 per unit for gross proceeds of CAD 1,000,000 and 1,379,310 units in a non flow-through private placement at a price of CAD 0.29 per unit for gross proceeds of up to CAD 400,000 for aggregate gross proceeds of CAD 1,400,000 on December 6, 2022. Each flow-through unit will consist of one flow-through common share and one non flow-through common share purchase warrant, exercisable to purchase one additional non flow-through common share at a price of CAD 0.45 for a period of 36 months from the date of issuance.

Each non flow-through unit will consist of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable to purchase one additional common share at an exercise price of CAD 0.45 for a period of 36 months from the date of issuance. The transaction will include participation from insider. Finders' fees may be paid on a portion of the financing, subject to the acceptance of the exchange.

All securities issued in the financing will be subject to a four-month hold period. The company can elect to accelerate the expiry of the warrants in the event that the volume-weighted average trading price of its common shares on a stock exchange equals or exceeds CAD 0.90 for 20 consecutive trading days, in which case the warrants will expire 30 days after the date that the company provides written notice of acceleration. The financing is subject to the acceptance of the exchange.