Tactical Resources Corp. announced that it has entered into convertible loan agreement and a non-brokered private placement to issue convertible loan notes in the principal amount of CAD 200,000 with an arm's-length lender on March 20, 2024. The Note bears interest at a rate of 10% per annum and matures 24 months from the date of issuance.

Subject to TSX Venture Exchange approval, the Principal Loan Amount and any accrued interest thereon, is convertible into units of the company at a conversion price equal to the last closing market price of the common shares in the capital of the Company on the TSX-V prior to the date of such conversion. Each Unit shall be comprised of one common share and one common share purchase warrant. Each warrant is exercisable into an additional Common share at a price of CAD 0.15 per Warrant Share, for a period expiring on the date that is three years from the date of issuance.

The Note and the certificate evidencing the Warrants will contain blocker language restricting the conversion of the Note and the exercise of the Warrants, respectively, in the event such conversion or exercise results in the securityholder holding 10% or more of the outstanding voting securities of the company. The Company may prepay the Note and any accrued interest thereon, at any time without penalty. The Note and all securities issuable thereunder, including the Common Shares, Warrants and Warrant Shares, shall be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

Closing is subject to TSX-V approval.