Critical One Energy closes CDN$5.6M flow-through private placement

Critical One Energy Inc. (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF) has closed the first tranche of a non-brokered private placement, issuing 5,116,910 flow-through common shares at CDN$1.10 per share for gross proceeds of CDN$5,628,601, according to a company statement.

The first tranche is part of a larger offering of up to 6,250,000 flow-through shares targeting aggregate gross proceeds of CDN$6,875,000. In connection with the closing, the company paid CDN$333,216.05 in finder's fees and issued 302,924 common share purchase warrants exercisable at CDN$1.65 per share for 18 months from closing.

Proceeds are designated for Canadian exploration expenses qualifying as flow-through mining expenditures under Canada's Income Tax Act. All securities issued are subject to a four-month and one-day hold period.

A second tranche of up to 1,133,090 flow-through shares at CDN$1.10 per share, targeting gross proceeds of up to CDN$1,246,399, is expected to close on or before Aug. 14, 2026. The company may pay a cash commission of up to 6% and issue finder's warrants covering up to 6% of shares issued in connection with the second tranche.

Separately, the company announced it has granted incentive stock options to directors, officers, and consultants to purchase an aggregate of 950,000 common shares at CDN$0.90 per share, subject to regulatory approval. The options vest on the date of grant and expire five years from that date.

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