Steadright Critical Minerals Inc. appointed Catalyst Mines CEO Tyler Burpee to its board and raised the cap on a proposed private placement by C$100,000 to C$900,000, widening its potential funding.
The appointment took effect Oct. 15, according to the company's Oct. 16 announcement. Steadright said the offering could include as many as nine million units at C$0.10 apiece.
Investors would pay C$0.10 per unit. Each unit pairs a common share with a warrant to buy one additional share for C$0.16 within 24 months after closing.
Steadright said it would use the proceeds for general working capital, corporate purposes and potential strategic initiatives. Company insiders will take part in the placement, it said.
The announcement lists Burpee as a director of Catalyst Mines Inc. He is also a director of Gold Strategy Inc. and a partner at Fallon Capital, according to Steadright.
Completion still requires applicable regulatory clearances, including Canadian Securities Exchange approval if required. Securities issued would carry a four-month-and-one-day hold from their date of issuance.
