Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 29

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 1
Chunk 29
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 year ended December 31, 2024, 126,259
Common Shares were issued for the net exercise of 278,100 options. In addition, 36,281,409 Common Shares were issued as a result of the
following financing transactions:

On June 14, 2024, the Company closed the first
tranche of a non-brokered private placement offering (the “June 2024 Financing”), pursuant to which the Company issued
an aggregate 19,234,614 units of the Company (the “June 2024 Units”) at a price of $0.78 per Unit for aggregate gross
proceeds of $15,002,999. Each June 2024 Unit was comprised of one Common Share and one Common Share purchase warrant of the Company (each,
a “June 2024 Warrant”).

On June 21, 2024, the Company closed the second
tranche of the June 2024 Financing and issued an additional 16,021,795 June 2024 Units at $0.78 per Unit for gross proceeds of $12,497,000.

Each June 2024 Warrant entitles the holder thereof
to acquire one Common Share for a period expiring 60 months following the date of issuance (the “Expiry Date”) at
a price of $1.10 per Common Share. If, at any time prior to the Expiry Date, the volume-weighted average trading price of the Common
Shares is at least $2.00 per Common Share for a period of 20 trading days, the Company may, at its option, accelerate the Expiry Date
with 30 days’ notice to the June 2024 Warrant holders.

In connection with the June 2024 Financing, the
Company issued 1,025,000 June 2024 Units (comprised of 1,025,000 Common Shares and 1,025,000 non-transferable June 2024 Warrants) to
a financial advisor.

    20
     Notes to the Unaudited Condensed Interim Consolidated Financial StatementsFor the three months ended March 31, 2025 and 2024(Expressed in Canadian dollars)

The fair value of the June 2024 Warrants, calculated
using the Monte Carlo model, was estimated at $12,533,135. Gross proceeds raised of $27,499,999 and related issuance costs of $358,746
in cash