In This Article:
Armory Mining Corp. (CSE:ARMY)(OTC PINK:RMRYF)(FRA:2JS) (the "Company") is pleased to announce that it has closed a non-brokered private placement offering (the "Offering"), previously announced by the Company on November 19, 2024, by issuing 5,000,000 units (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of $500,000. The Company is seeking alternative non-dilutive financing arrangements.
Each Unit will be comprised of one common share and one-half of one transferrable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at a price of $0.20 per common share until December 18, 2029, subject to acceleration.
The Warrants will be subject to an acceleration right held by the Company, such that if the share price closes at $0.30 or above for a period of 10 consecutive trading days, the Company may, at any time after such an occurrence, give written notice (via news release) to the holders of the Warrants that the Warrants will expire at 5:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the Warrants will have 30 days to exercise their Warrants and any Warrants that remain unexercised will expire.
In connection with the Offering, the Company paid cash finder's fees of $4,725 and issued 47,250 finder's warrants to an eligible arm's length finder. The finder's warrants are exercisable into a common share at $0.20 per common share until December 18, 2026.
The proceeds raised from the Offering are expected to be used for exploration work on the Kaslo Silver project and the Nova Scotia property, working capital and general corporate purposes. All securities to be issued under the Offering will be subject to a four month hold period expiring April 19, 2025 in accordance with applicable Canadian securities laws.
About Armory Mining Corp.
Armory Mining Corp. is a Canadian lithium focused mineral exploration company which has an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Armory also holds a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia, a 100% interest in certain mineral claims located in Haida Gwaii, British Columbia and an option to acquire a 100% interest in certain mineral claims located in Nova Scotia.
FOR FURTHER INFORMATION CONTACT:
Nader Vatanchi
CEO, Director
e:nader@speyresources.ca
p: 778-881-4631