Krait Critical Minerals Corp. announced the closing of the first tranche of its previously announced non-brokered private placement, issuing 1,631,100 common shares at $0.75 per share for gross proceeds of $1,223,325. The offering was increased to a maximum of $2.0 million on September 16, 2026, and the company anticipates closing a second tranche next week, subject to customary closing conditions and any required regulatory approvals.
In connection with the tranche, Krait paid aggregate finder's fees of $56,437.50 and issued 75,250 non-transferable finder's warrants. Each warrant entitles the holder to acquire one additional common share at $0.95 per share for a period of one year from issuance, subject to applicable securities laws and Canadian Securities Exchange policies. The shares and warrants issued are subject to a statutory hold period of four months and one day from the date of issuance, in addition to any CSE restrictions.
Net proceeds will be used for exploration expenditures at the Goldbar Spider Lake Project in Ontario, continued evaluation of the assets held through its wholly owned subsidiary Nevada Hills Antimony LLC—including interests in the Bales Antimony Project and the Antimony Bell Project in Washington State—and for general working capital and corporate purposes. Krait acquired Nevada Hills on September 16, 2026, gaining contractual rights to the Bales claims but not direct ownership.
The Goldbar Spider Lake Project comprises 3,636 hectares (approximately 8,985 acres) with 148 mining claims and 171 claim units, located in the Thunder Bay Mining Division about 20 kilometres east of Terrace Bay and 30 kilometres west-northwest of Marathon. The property offers year‑round access via Highway 17, nearby rail and power infrastructure, and proximity to established mining communities. Krait holds an option to earn a 100% interest, subject to a 3% net smelter return royalty.
The news release contains forward‑looking statements regarding the expected timing and size of the second tranche, the use of proceeds, and planned exploration and evaluation activities, together with associated risks such as delays in regulatory approvals, changes in market conditions, and variations in actual use of funds.
