T2 Metals completes private placement raising $7.4 million

T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) (FSE: WJ6) completed the final tranche of its non-brokered private placement, issuing 136,000 units for gross proceeds of $68,000. The company raised total gross proceeds of $7,440,631 through the issuance of 14,881,262 units at $0.50 per unit.

Each unit consists of one common share and half of a common share purchase warrant. Each whole warrant allows the holder to purchase an additional common share at $0.75 for two years from closing.

Company insiders purchased 110,000 units in the financing. This participation constituted a related party transaction under Multilateral Instrument 61-101 but was exempt from formal valuation and minority shareholder approval requirements as the value did not exceed 25% of the company's market capitalization.

The company paid finder's fees totaling $59,650 in cash and 119,300 finder's warrants on a portion of the financing. Each finder's warrant converts into one common share at $0.75 for two years from closing.

T2 Metals plans to use net proceeds for working capital, acquisition of the Aurora Project and exploration of its project portfolio. All securities issued carry a four-month hold period and require regulatory approvals, including final acceptance from the TSX Venture Exchange.

Mark Saxon, President and CEO, stated the company appreciates shareholder support in closing the upsized financing and said the strong balance sheet positions T2 Metals to execute exploration goals.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or exemption.

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