Tectonic Metals Inc. announced that into an agreement with Canaccord Genuity Corp., pursuant to which the lead agent, on behalf of a syndicate of agents and best effort agency basis in connection with a private placement of 54,545,454 units at an issue price of CAD 0.11 per unit for the gross proceeds of CAD 5,999,999.94 on May 9, 2023. The transaction will include participation from returning investor Crescat Portfolio Management LLC owns 19.56% of the issued and outstanding Common Shares. Each Unit will consist of one common share in the capital of the company and one-half of one Common Share purchase warrant.

Each Warrant will entitle the holder thereof to purchase one Common Share of the company for a period of 24 months following the closing date of the Offering at an exercise price of CAD 0.15. The Offering is scheduled to close on or about May 30, 2023 and completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.