Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 143

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 5
Chunk 143
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Insider Trading Arrangements

During the three months ended March 31, 2025, none
of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a Rule 10b5-1 trading arrangement
or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act).

    Item 1.01
    Entry into a Material Definitive Agreement

As disclosed elsewhere in this
Report, on February 17, 2025, the Company and Cymbria, an affiliate of EdgePoint, entered into a debt settlement agreement (the
“Debt Settlement Agreement”) pursuant to which the parties agreed to the Debt Conversion, whereby the Company
agreed to issue to Cymbria an aggregate of 69,607,843 Settlement Units at a deemed issue price of $0.30 in full satisfaction of the
$20,882,353 principal amount outstanding under the Term Loan previously advanced by Cymbria to the Company, with the accrued
interest to be settled in cash. Each Settlement Unit consists of one Common Share and one Settlement Warrant. Each Settlement
Warrant entitles the holder to acquire one additional Common Share at a price of $0.40 per Common Share for a period of 36 months
following the date of issuance. The Debt Conversion closed on March 18, 2025. 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 Settlement Warrant holders.

The foregoing description of the Debt
Settlement Agreement is qualified in its entirety by reference to the full text of the Debt Settlement Agreement, which is attached as
Exhibit 10.1 to this Report and is incorporated by reference herein.

48

The Investor Rights Agreement previously entered into
between the Company and EdgePoint was amended upon the closing of the Debt Conversion (the “Investor Rights Agreement”) including
to increase EdgePoint’s director nomination right from one director of the Company to two directors and to provide EdgePoint with
certain information and registration rights, provided in each case that EdgePoint meets certain equity ownership thresholds and satisfies
certain other conditions, and a “right to place