Bolt Metals Announces Closing First Tranche of Quebec Flow-Through Private Placement

(via TheNewswire)

Vancouver, British Columbia – TheNewswire - December 24, 2024 – Bolt Metals Corp. (“Bolt” or the “Company”) (CSE: BOLT) (OTCQB: PCRCF) (FSE: A3D8AK), a North American mineral acquisition and exploration company, is pleased to announce the successful closing of the first tranche of the previously announced non-brokered private placement (the “Offering”) of Quebec Flow-Through Shares (“QFT Shares”). The Company issued a total of 4,125,000 QFT Shares at a price of CAD$0.16 per share, raising aggregate gross proceeds of CAD$660,000.

The QFT Shares will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”)).

The gross proceeds from the Offering will be used to incur “Canadian exploration expenses” that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) related to the Company’s Northwind Property, Urban-Berry Greenstone Belt, Quebec.

All securities issued pursuant to the Offering will be subject to a hold period of four (4) months plus one (1) day from the date of issuance and the resale rules of applicable securities legislation.

In connection with the Offering, the Company paid finder’s fees to certain qualified non-related parties totaling C$39,600 and 247,500 broker warrants (each a “Broker Warrant”). Each Broker Warrant entitles the holder to acquire one common share at C$0.16 for two (2) years from the date of issue, in accordance with the policies of the Canadian Securities Exchange (the “Exchange”).

Stock Options and Restricted Share Unit Grants

The Company also announces that it has issued 1,500,000 Restricted Shares Units (each, an “RSU”) and 2,300,000 stock options (each, an “Option”) to members of management and consultants of the Company in accordance with the Company’s equity incentive plan. Each RSU is exercisable for a period of five (5) years at no additional cost and the RSUs will vest on issuance and are subject to a standard four (4) month and one (1) day hold period. Each Option is exercisable for a period of five (5) years to acquire one common share in the capital of the Company (each, a “Share”) at a price of $0.11 per Share, being the closing price of the Shares on the Canadian Securities Exchange on December 23, 2024. The Options will vest in four equal tranches on the date of grant, three (3) months, six (6) months, and nine (9) months after the date of the grant. All Options are subject to a standard four (4) month and one (1) day hold period.

About Bolt Metals Corp.

Bolt Metals Corp. is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Bolt’s portfolio of strategic properties provides target-rich diversification including; Northwind, gold project in the heart of the Windfall Gold Camp, Quebec; Soap Gulch, a copper SEDEX project in Montana, and Switchback, a copper-silver project located in British Columbia. Bolt trades on the CSE Exchange under the symbol BOLT, the OTCQB Exchange under the symbol PCRFC and in Germany under the WKN A3D8AK.

Bolt Metals Corp.

Branden Haynes – Director and CEO

(604) 817-1595

[email protected]

Reader Advisory

This news release may contain statements which constitute “forward‐looking information”. The words “may”, “potential”, “should”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, and similar expressions, are intended to identify such forward‐looking statements. Such statements include, without limitation, statements regarding use of proceeds from the private placement and the payment of finder’s fees. Investors are cautioned that any such forward‐looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward‐looking statements. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

The Canadian Securities Exchange has not approved or disapproved this news release.

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