Arras Minerals Corp announced a non-brokered private placement financing of up to 7,692,308 units of the Company at a price per Unit of CAD 0.26 for aggregate gross proceeds of up to CAD 2,000,000.08 on May 21, 2024. Each Unit shall comprise of one common share in the capital of the Company and one-half of one non-transferable Common Share purchase warrant. Each whole Warrant will entitle the holder thereof to purchase one additional Common Share at a price of CAD 0.40 for a period of 3 years from closing of the Offering.

The Offering is scheduled to close on or about June 4, 2024 and is subject to the approval of the TSXV. The securities issued pursuant to the Offering will be subject to a four-month hold period in Canada and will be subject to U.S. resale restrictions under U.S. securities laws as applicable.