Mr. Sean Charland reports
APEX CRITICAL METALS CORP. COMPLETES FINAL TRANCHE OF PRIVATE PLACEMENT FOR PROCEEDS OF $1,000,000
Apex Critical Metals Corp. has completed the final tranche of a non-brokered private placement (see news releases dated June 12, 2024, and July 5, 2024), issuing a total of 2.5 million units at a price of 40 cents per unit, raising aggregate proceeds of $1-million. Each unit consisted of one common share of the company and one common share purchase warrant, with each warrant entitling the holder to purchase one share at a price of 60 cents per share for a period of one year from closing of the offering. The proceeds of the offering will be used for property exploration and general working capital.
All securities issued pursuant to the offering are subject to a statutory hold period of four months and a day from the closing.
An insider of the company subscribed for a total of 62,500 units under the offering, which is a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The issuance to the insider is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(a) as the units purchased do not exceed more than 25 per cent of the market capitalization of the company and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(b) of MI 61-101 in that the fair market value of the securities distributed in the final tranche is not more than $2.5-million.
About Apex Critical Metals Corp.
Apex Critical Metals is a Canadian exploration company specializing in the acquisition and development of high-potential rare-earth elements (REEs) and niobium properties. Apex Critical Metals is publicly listed on the Canadian Securities Exchange, and its common shares currently trade under the symbol APXC.
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