Muzhu Mining Ltd. announced a a best efforts non-brokered private placement of 6,250,000 units at CAD 0.08 per unit for gross proceeds of up to CAD 500,000 and 2,500,000 flow-through units at CAD 0.10 for gross proceeds of up to CAD 250,000; aggregate proceeds of CAD 750,000 on March 21, 2023. Each unit will comprise of 1 common share and 1 common share purchase warrant. Each warrant entitles the holder to acquire 1 additional common share of the Company at an exercise price of CAD 0.12 for a period of 24 months from the date of issuance.

Each flow-though Unit will consist of one common share to be issued as a flow-through share and one common share purchase warrant. Each Warrant entitles its holder to acquire 1 additional common share of the Company at a price of CAD 0.15 for a period of 12 months from the date of issuance. The Issuer may pay finder's fees, which may be paid to eligible finders in accordance with the CSE policies.

All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The transaction and payment of finders' fees are both subject to approval by the CSE.