Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 86

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 1A
Chunk 86
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 and Cymbria amended the terms of
the agreements. Cymbria will now have the right to acquire a 0.5%
NSR royalty on the Selebi Mines and Selkirk Mine upon payment of the above amounts in the event the NSRs are repurchased or the NSRs are terminated, settled, or waived with the relevant liquidator.

11. PROMISSORY
NOTE

On
November 21, 2022, the Company announced a $7,000,000 bridge loan (the “Bridge Loan”) financing from Pinnacle Island
LP (the “Lender”). The Bridge Loan financing closed on November 25, 2022 and net proceeds of $6,740,000 were received
by the Company (after deducting the commitment fee of $260,000). The Bridge Loan was evidenced by the issuance of a promissory note by
the Company to the Lender (the “Promissory Note”). The Promissory Note had a principal amount of $7 million and bore
interest at a rate of 10% per annum, calculated monthly and initially payable on February 22, 2023, being the maturity date of the Promissory
Note, with a right of the Company to extend the maturity. The Company extended the maturity of the Promissory Note to March 22, 2023.

On
March 17, 2023, the Company entered into an amended and restated Promissory Note (the “A&R Promissory Note”) extending
the maturity of the Promissory Note from March 22, 2023 to November 24, 2023 (the “Extension”). All other terms of
the Promissory Note remained the same. In connection with the Extension and entering into of the A&R Promissory Note, the Company
agreed to pay an amendment and restatement fee of $225,000 and issued 350,000 non-transferable Common Share purchase warrants to the
Lender (the “Lender Warrants”). Each Lender Warrant was exercisable to acquire one Common Share of the Company at
a price of $1.75 per Common Share for a period of one year from the date of the A&R Promissory Note. In connection with the Extension
and issuance of the Lender Warrants, the 119,229 Common Share purchase warrants previously issued to the Lender in connection with the
initial issuance of the Promissory Note were cancelled concurrently with the Extension