Cullinan Metals Corp. announced a non-brokered private placement of up to 2,777,778 flow-through units at a price of CAD 0.09 per FT unit for gross proceeds of up to CAD 250,000.02 on December 11, 2023. Each Quebec flow-through unit consists of one flow-through common share and one-half of one transferable non-flow-through common share purchase warrant.

Each non flow-through warrant entitles the holder to purchase one additional share at a price of CAD 0.12 per share for a period of two years following closing of the FT offering, subject to an acceleration provision in the event that the shares trade at CAD 0.50 and above for 10 consecutive trading days. Finders' fees may be paid in accordance with policies of the Canadian Securities Exchange. All securities to be issued under the FT offering will be subject to a hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The closing of the FT offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the exchange. There can be no assurance that the FT offering will be completed, whether in whole or in part.