On September 15, 2023, CMC Metals Ltd. closed the transaction. The company has issued 1,330,833 flow-through units at a price of CAD 0.12 per unit for the gross proceeds of CAD 159,699.96 and 2,047,500 non-flow-through units at a price of CAD 0.10 per unit for the gross proceeds of CAD 204,750; for aggregate total gross proceeds of CAD 364,449.96 in the transaction. The company has issued 518,333 flow-through units at a price of CAD 0.12 per unit for the gross proceeds of CAD 62,199.96 and 880,000 non-flow-through units at a price of CAD 0.10 per unit for the gross proceeds of CAD 88,000; for total gross proceeds of CAD 150,199.96 in its second and final tranche closing. The second tranche is subject to TSX Venture Exchange approval. A total of 1,689,167 non-transferable warrants will be issued in association with this placement at an exercise price of CAD 0.15 for a 24 month period from the date of issue. The transaction included participation from three insiders for a total of CAD 61,200. All securities issued pursuant to the financing will be subject to a four month hold period.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 19 placees and 3 existing insiders for 360,000 Flow-Through shares and 180,000 Non Flow-Through shares.