Casa Minerals closes first tranche of private placement, raising $1.5M

Casa Minerals Inc. (TSXV: CASA) (OTCQB: CASXF) (FSE: 0CM) has closed the first tranche of a non-brokered private placement, issuing 15,000,000 flow-through units at $0.10 per unit for gross proceeds of $1,500,000, according to a company statement.

Each flow-through unit consists of one common share and one-half common share purchase warrant. The 7,500,000 resulting warrants are exercisable at $0.15 per share until September 28, 2028. Net proceeds are designated for exploration and development activities on the company's projects in British Columbia, Canada.

All shares and warrants issued are subject to a hold period expiring January 29, 2027, restricting resale or transfer in accordance with applicable securities laws.

The company paid $4,350 in cash finder's fees and issued 6,000 non-transferable finder's warrants, each exercisable at $0.15 per share for two years from the date of issuance.

The tranche includes a subscription of 5,000,000 flow-through units by Farshad Shirvani, President and CEO of Casa Minerals, constituting a related party transaction under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The company is relying on exemptions from formal valuation and minority shareholder approval requirements, citing that insider participation will not exceed 25% of the company's market capitalization fair market value.

The placement remains subject to TSX Venture Exchange approval. Additional tranches may follow, pending regulatory approvals.

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