Palamina raises $1.6 million in first tranche of private placement

Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) closed the first tranche of its non-brokered private placement offering, raising $1,634,375 through the issuance of 13,075,000 units at $0.125 per unit.

Each unit consists of one common share and one warrant. The warrants are exercisable at $0.20 per share for two years, with an acceleration clause if the stock trades at $0.35 per share on a volume weighted average basis over 10 days.

The Toronto-based exploration company will use proceeds to advance its Galena silver copper manganese project and Usicayos gold project, along with general corporate and working capital purposes. All securities are subject to a statutory hold period ending March 6, 2026.

Directors and officers Andrew Thomson and Michael Farrant purchased 3,795,000 units in the offering, constituting a related party transaction. The company was exempt from valuation and minority approval requirements under Multilateral Instrument 61-101 because neither the fair market value of units purchased by related parties nor the proceeds exceeded $2,500,000.

Palamina paid a finder's fee of $750 and issued 6,000 finder's warrants exercisable at $0.125 per share for two years, representing six percent of units sold through the finder.

The offering requires TSX Venture Exchange acceptance of regulatory filings. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or applicable exemption.

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