SLAM Exploration Ltd. has successfully closed the final tranche of its non-brokered private placement, raising a total of $900,000. The company is also providing an update on its exploration activities, including ongoing diamond drilling at the Goodwin copper-nickel-cobalt project and recent gold discoveries at the Jake Lee claims.
SLAM Exploration Ltd. is pleased to announce the successful closing of the second and final tranche of its previously announced non-brokered private placement , resulting in gross proceeds of $211,000. Combined with the first tranche, the company has raised an aggregate of $900,000 through the issuance of 2,302,750 units. Each unit comprises one non-flow-through common share and two and a half transferable non-flow-through common share purchase warrants.
Each whole warrant entitles the holder to acquire one additional common share at a price of $0.12 within 24 months of issuance. The company has the right to accelerate the expiry of the warrants if the volume-weighted average trading price of its common shares on the TSX Venture Exchange reaches at least $0.20 for 30 consecutive trading days, in which case the warrants will expire 20 days after the company issues a press release announcing the acceleration. The proceeds from the sale of flow-through (FT) shares will be allocated to Canadian Exploration Expenses (CEE) on the company's New Brunswick properties. These expenditures are designed to qualify as flow-through critical mineral mining expenditures and will be renounced to subscribers with an effective date no later than December 31, 2025. Subscribers are expected to be eligible to claim the 30% Critical Mineral Exploration Tax Credit related to these expenses. Funds from the non-flow-through shares and any warrants exercised will be used for general corporate purposes, including working capital and corporate development initiatives. The private placement is subject to the final acceptance of the TSX Venture Exchange and other necessary regulatory approvals.\The securities issued under this offering are subject to a statutory hold period of four months and one day from the closing date, which expires on February 11, 2026. One insider of the Company participated in the second and final tranche, acquiring 112,500 units. This participation constitutes a related-party transaction as defined under Multilateral Instrument 61-101. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements under MI 61-101, specifically sections 5.5(a) and 5.7(1)(a), because neither the fair market value of the securities issued to insiders nor the consideration paid by such insiders exceeded 25% of the company's market capitalization. This news release is not an offer to sell or a solicitation of an offer to buy securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act, or the securities laws of any state, and may not be offered or sold within the United States or to U.S. Persons, unless registered or exempt from registration. The company's commitment to responsible and sustainable exploration practices, alongside its strategic focus on critical minerals, demonstrates its dedication to creating long-term shareholder value while contributing to the supply of essential resources. SLAM Exploration Ltd. continues to prioritize the efficient allocation of capital to maximize returns and deliver value to its shareholders.\SLAM Exploration Ltd. is a publicly listed resource company with a 40,000-hectare portfolio of mineral claim holdings in the mineral-rich province of New Brunswick. The company is actively engaged in diamond drilling on the Goodwin copper-nickel-cobalt project within the Bathurst Mining Camp (BMC) of New Brunswick. The drilling program is a continuation of previous work, following up on promising copper, nickel, and cobalt intercepts from 15 diamond drill holes reported in 2024 on the Goodwin project. Significant results from these earlier drill holes include a 64.90-meter core interval grading 0.73% copper, 0.64% nickel, and 0.05% cobalt, including a 39.40-meter interval with 1.11% copper, 0.95% nickel and 0.07% cobalt, as previously announced in a news release dated August 7, 2024. Induced Polarization (IP) results from three lines over the Granges, Logan and Farquharson copper-nickel-cobalt zones show potential for depth extensions, as reported in company news releases on July 18, August 7, and August 21, 2025. Before the current Goodwin drilling campaign, SLAM launched its 2025 exploration program with two new gold discoveries on its wholly-owned Jake Lee claims. Initial findings on July 9, 2025, included eight grab samples with assays ranging from 7.42 grams per tonne (g/t) to 94.80 g/t gold. A second discovery, announced on August 28, 2025, comprised quartz float grading 16.20 and 3.78 g/t gold, located 100 meters southwest of the initial discovery in Trench JT25-05. In 2024, SLAM drilled two holes and intersected multiple gold-bearing veins on its wholly-owned Menneval gold project. The company has previously reported gold-bearing core intervals, including 162.5 g/t gold over 0.2 meters and 56.90 g/t gold over
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