Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 480

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7A
Chunk 480
---
 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 consideration for their services. The shares
remain subject to contractual resale restrictions for a 12-month period. The Company also paid its financial advisor a fee of US$1,500,000, consisting of US$500,000 in cash and US$1,000,000
in 3,586,709 Common Shares issued at a price of US$0.28 per share.

The
Company also granted: (i) 5,750,000 stock options with each option having an exercise price of $0.50, a term of five years, and vesting
as to one-half on the date of grant and the balance on the first anniversary of the date of grant; and (ii) 3,175,000 RSUs, each RSU
vesting in full on the first anniversary of the date of grant.

F-33

Item
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE.

None.

Item
9A. CONTROLS AND PROCEDURES.

Disclosure
Controls and Procedures

We
maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) that are designed to ensure that information required to be disclosed