American Critical Minerals closes $2.54M private placement

American Critical Minerals Corp. (CSE: KCLI)(OTCQB: APCOF) has closed a non-brokered private placement, issuing 12,675,000 units at $0.20 per unit for gross proceeds of $2,535,000.

Each unit consists of one common share and one warrant exercisable at $0.35 until September 9, 2029. The company said proceeds will fund drilling operations at its Green River Project in Utah and general working capital.

The company paid $161,000 in cash and issued 799,750 warrants to arms-length brokerage firms that introduced subscribers to the offering. All securities are subject to a four-month-and-one-day hold period expiring January 10, 2027.

Certain directors and a senior officer participated in the offering, purchasing a total of 300,000 units. The company said it relied on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the value of units purchased by related parties did not exceed 25% of the company's market capitalization.

President and CEO Dean Pekeski said the funding will allow the company to complete the AP-S-2 Duma Point well, with drilling expected to conclude later in September 2026.

Separately, Simon Clarke resigned as Chairman of the Board of Directors to pursue other opportunities. The company said Clarke will remain in an advisory capacity. No replacement chairman was announced.

The Green River Project is located in Utah's Paradox Basin, approximately 20 miles northwest of Moab. The company holds interests covering approximately 32,530 acres and is authorized to drill seven holes across the project area.

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