Vancouver, Canada – November 8th, 2024 – Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) is pleased to announce that it has closed the second tranche of its non-brokered private placement (the “Offering”) for additional gross proceeds of $681,800. In connection with closing of the second tranche of the Offering, the Company has issued a further 200,000 units (each, an “NFT Unit”) at a price of $0.35 per NFT Unit, and 1,330,000 flow-through units (each, an “FT Unit”, and collectively with the NFT Units, the “Offered Securities”) at a price of $0.46 per FT Unit. When combined with the first tranche of the Offering, the Company has raised gross proceeds of $2,935,349 through the issuance of 885,000 NFT Units and 5,707,824 FT Units.
Each NFT Unit consists of one common share of the Company (each a “Unit Share”) and one common share purchase warrant (each, a “Warrant”). Each FT Unit consists of one common share of the Company issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) and one-half of one Warrant. Each whole Warrant entitles the holder to purchase one additional common share of the Company (each, a “Warrant Share”) at a price of $0.60 at any time on or before November 8, 2025.
The Company intends to complete further tranches of the Offering, in any combination of NFT Units and FT Units, for total gross proceeds from the Offering of $4,000,000. The net proceeds raised from the Offering will be used for the further advancement of the Jarnet Lithium Project and for working capital purposes. Proceeds from the sale of the FT Units will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the purchasers of FT Units with an effective date not later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of the FT Units.
In connection with closing of the second tranche of the Offering, the Company paid $40,908 and issued 91,800 Warrants to certain arms-length parties, including GloRes Securities Inc., who assisted in introducing subscribers to the Offering. The Company may pay additional finders’ fees to eligible parties in connection with closing of further tranches of the Offering. All securities issued in connection with the second tranche of the Offering are subject to restrictions on resale until March 9, 2025, in accordance with applicable securities laws. Completion of further tranches of the Offering remains subject to the approval of the TSX Venture Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Offered Securities, nor shall there be any sale of the Offered Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Offered Securities being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person.
About Arbor Metals Corp.
Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The Company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes.
The Jarnet, Corvette Lake and St. Pierre lithium projects, located in the James Bay region of Quebec, comprises 83 map-designated claims, covering an area of approximately 5,606 hectares. The projects are contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization representing one of the highest-profile lithium exploration projects in the sector.
The Kemlee Lake Lithium project is strategically located three kilometers east of Rock Tech Lithium Inc.’s Aumacho claim blocks and twelve kilometers south of the Georgia Lake Project. The Project shares many geological similarities with the prolific Georgia Lake deposit, including bedrock geology and the presence of massive intrusive dykes. The primary target at the Project will be spodumene-bearing pegmatites hosted in metasediments.
For further information, contact Mark Ferguson, Chief Executive Officer, at info@arbormetalscorp.com, or 403.852.4869, or visit the Company’s website at www.arbormetalscorp.com.
On behalf of the Board,
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to further exploration of the Jarnet Lithium Project and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.