CoTec Holdings Corp. Completes Final Round of Private Placement

CoTec Holdings Corp. announced the completion of the final closing of its non-brokered private placement, which raised gross proceeds of $2,573,013.07. The company issued a total of 1,005,000 units at $0.50 each in this closing, reaching an aggregate total of 5,146,025 units. Each unit includes a common share and a warrant, which allows the holder to purchase an additional share at $1.05 within a 12-month period.

The funds from this placement will be used to support the feasibility study for HyProMag USA, the preliminary economic assessment of the Lac Jeannine Project, as well as for general working capital. A significant portion of the placement was subscribed by insiders, amounting to $2,025,000 for 4,050,000 units. This internal participation falls under a related party transaction, deemed compliant with Multilateral Instrument 61-101, exempt from stringent formal evaluation and minority shareholder approval criteria.

The closing of this placement increases the total number of common shares in CoTec Holdings to 66,047,531. All securities issued in this placement to Canadian investors are subject to a four-month statutory hold period.