Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 33

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 33
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933 in available cash (December 31, 2023 – $19,245,628), with no sources of operating
cash flows, and no significant credit lines in place. As at December 31, 2024, the Company had working capital (calculated as total current
assets less total current liabilities) of $2,963,061 (December 31, 2023 – $14,787,484). The decrease in working capital is mainly
due to lower cash balances in support of exploration and evaluation activities.

Financings

On March 18,
2025, the Company closed a significant refinancing and the deleveraging of its balance sheet with the conversion
of the Term Loan into equity (the “Debt Conversion”).

The
Company completed a private placement financing issuing 153,333,334 units of the Company at a price of $0.30 per unit for aggregate gross
proceeds of approximately $46 million (the “March 2025 Private Placement”). Each unit
consists of one Common Share and one-half of one warrant. Each warrant entitles the holder to acquire one additional Common Share at
a price of $0.55 per share until March 18, 2028. In addition, the Company issued 4,000,000 Common Shares at an issue price of $0.30 per share
to TriView Capital Ltd. for its services as finder.

In
accordance with the previously announced debt settlement agreement, the
Company has issued to Cymbria an aggregate of 69,607,843 units (“Settlement Units”) at a deemed issue price of
$0.30 per unit in full satisfaction of the $20,882,353 principal amount outstanding under the Term Loan, and the
settlement of the $268,896 accrued interest in cash. Each Settlement Unit consists of one Common Share and one Common Share
purchase warrant (each, a “Settlement Warrant”). Each Settlement Warrant entitles the holder to acquire one
additional Common Share at a price of $0.40 per Common Share until March 18, 2028.

The Company
also entered into advisory services agreements which include assistance with the identification of a new CEO, the Debt Conversion,
and Company strategy. The advisors will continue to provide such services on an ongoing basis until June 30, 2025. The Company issued
12,750,000 Common Shares to the advisors at a deemed price per share of $0.30 as