Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 35

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 35
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 31, 2024, the Company has expended $21,178,020 of the June 2024 Financing.

On
December 14, 2023, the Company closed a financing (the “December 2023 Financing”) comprised of a brokered private
placement of units (the “December 2023 Private Placement”) and an amended Term Loan. Under the December 2023 Private
Placement, the Company issued an aggregate of 13,133,367 Common Shares at a price of $1.20 per Common Share for aggregate gross proceeds
of $15,760,040. The principal amount of the Term Loan was increased by $5,882,353 (the “Additional Principal Amount”)
from $15,000,000 to $20,882,353. The Additional Principal Amount was subject to an original issue discount of approximately 15% and was
advanced by Cymbria to the Company as a single advance of $5,000,000. The net proceeds from the December 2023 Financing were $19,743,845
after fees and expenses, which have been used to advance the exploration and evaluation of the Mines and for general corporate and working
capital purposes. As at December 31, 2024, all of the net proceeds of the December 2023 Financing had been expended as planned.

Although
the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts
or as to the sufficiency of funds raised in the future. Factors that could affect the availability of financing include the progress
and results of ongoing exploration and evaluation activities at the Mines, the state of international debt and equity markets, as may
be impacted by inflation and investor perceptions and expectations with respect to global commodity markets. If necessary, depending
on the amount of funding raised, the Company may explore opportunities to defer the timing of certain discretionary expenditures and
the Company’s planned initiatives and other work programs may be postponed, or otherwise revised.

Use
of Proceeds

The
following table provides a summary of the principal use of proceeds of the June 2024 Financing and the December 2023 Financing.

    Principal Purpose 
    Estimated Amount as at December 31, 2024(1) $000’s  
    Amounts Expended as at December 31, 2024 $000’s 

    June 2024 Financing 

    Activities relating to the Selebi Mines 
     22,500 (2