On December 19, 2023, Cullinan Metals Corp. closed the transaction. The company issued 2,300,000 flow-through units at a price of CAD 0.09 per FT Unit for gross proceeds of CAD 207,000.

Each FT Unit is comprised of one flow through common share and one-half of one transferrable non-flow-through common share purchase warrant. Each NFT warrant entitles the holder to acquire one non-flow-through common share at a price of CAD 0.12 per NFT Share for a period of two years from the closing date of the FT Offering. In connection with the FT Offering, the Company will pay a finder?s fee consisting of CAD 14,490 and 161,000 finder?s warrants.

The Finder?s Warrants are non-transferable and exercisable at a price of CAD 0.12 per NFT Share for a period of two years from the closing date of the FT Offering. The securities issued under the FT Offering are subject to a statutory hold period of four months and one day in accordance with applicable securities legislation.