Canoe Mining Ventures Corp. announced a non-brokered private placement of 6,250,000 units at a price of CAD 0.08 per unit for gross proceeds of CAD 500,000 on January 21, 2022. Each unit consists of one common share and one half of common share purchase warrant.

Each warrant can be exercised to acquire one common share at a price of CAD 0.125 per share for a period of three years from the date of closing. The transaction is subject to approval from regulatory and TSX Venture Exchange. The securities are being subject to four months and one day hold period.

The insiders of the company may subscribe for 1,300,00 units pursuant to the transaction. The warrants will be subject to acceleration subject to closing price at which the common shares trade on the TSX Venture Exchange at CAD 0.16 or higher for 10 trading days within any 30 day trading day period at any time following the date that is four months and one day after the date of issuance, the company may accelerate the warrant term such that the warrants shall expire on the date which is 10 days following the date issued by the company announcing the reduced warrant term, subject to adjustments in certain events.