Krait Critical Minerals closes $1.22M first tranche of placement

Krait Critical Minerals Corp. (CSE: KRIT) (FSE: U0S) has closed the first tranche of a non-brokered private placement, issuing 1,631,100 common shares at $0.75 per share for gross proceeds of $1,223,325, according to a press release from the Vancouver-based company.

The offering was previously increased to a maximum of $2,000,000 on September 16, 2026. No warrants were issued to subscribers. In connection with the first tranche, the company paid $56,437.50 in finder's fees and issued 75,250 non-transferable finder's warrants, each exercisable at $0.95 per share for one year from issuance.

The company expects to close a second tranche subject to customary closing conditions and regulatory approvals.

Net proceeds are intended for exploration at the Goldbar Spider Lake Project in Ontario, evaluation of assets held through Nevada Hills Antimony LLC — including the Bales Antimony Project and the Antimony Bell Project in Washington State — and general working capital. Krait completed its acquisition of Nevada Hills on September 16, 2026. Nevada Hills holds contractual rights to acquire the underlying Bales claims; Krait did not acquire direct ownership of those claims upon closing.

"This financing will support our work at Goldbar Spider Lake and our evaluation of the Washington antimony portfolio acquired through Nevada Hills," said Oscar Mendoza, Chief Executive Officer and Director of Krait.

Shares and finder's warrants issued in the first tranche are subject to a statutory hold period of four months and one day from the date of issuance, in addition to applicable Canadian Securities Exchange restrictions.

You May Also Be Interested In

• OpenAI: after the Hugging Face incident, we committed to conducting a much broader review of actions taken by our models
• HUB Cyber Security receives Nasdaq deficiency notice over market value
• Hafnia files SEC prospectus for $300 million share offering