Arras Minerals Announces Additional Increase of Non-Brokered Financing to C$5.2 Million

VANCOUVER, BC / ACCESSWIRE / May 29, 2024 / Arras Minerals Corp. (TSX-V:ARK) announced an increase in its non-brokered private placement financing to C$5.2 million due to strong demand from existing shareholders. Initially set at C$2 million, the financing has been upsized twice within the past week.

Each Unit in the Offering, priced at C$0.26, consists of one common share and one-half of a non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase an additional share at C$0.40 for three years.

If the common shares trade at or above C$0.60 for fifteen consecutive days post-closing, Arras may accelerate the expiry date of the warrants. The Offering is scheduled to close on June 4, 2024, pending TSXV approval.

The securities issued will be subject to a four-month hold period in Canada and U.S. resale restrictions. They will not be registered under the U.S. Securities Act of 1933 or any state securities laws.