Cullinan Metals Corp. announced a non-brokered private placement of 100,000 units at an issue price of CAD 0.52 per unit for the gross proceeds of CAD 52,000 on September 26, 2023. Each unit consists of one common share and one transferable common share purchase warrant.

Each warrant entitles the holder to acquire one share at a price of CAD 0.70 per share for a period of sixty months from the date of closing of the offering. In the event that the shares trade at a price of CAD 1 and above for ten consecutive trading days, the company may, at its option, accelerate the warrant expiry date by providing notice to the warrant holders that the warrants will expire on the thirtieth day from the date of the acceleration notice. There is no finders fee paid in connection with the offering.

The securities issued under the offering are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation.