C3 Metals Inc. (TSX-V: CCCM) is pleased to announce that, further to its press releases of October 19, 2021 and October 21, 2021, it has closed the bought deal private placement through the issuance of 101,582,178 common shares in the capital of the Company at a price of C$0.19 per Share for gross proceeds of C$19,300,614, which includes the partial exercise of the over-allotment option.

The Offering was conducted pursuant to the terms and conditions of an underwriting agreement entered into between the Company and a syndicate of underwriters led by Canaccord Genuity Corp. as lead underwriter, and including Haywood Securities Inc. and Beacon Securities Limited.

As consideration for the services provided by the Underwriters in connection with the Offering, the Company: (i) paid a cash commission equal to 6% of the proceeds of the Offering (except, with respect to certain purchasers on a “President’s List”, the commission being equal to 3%); and (ii) issued non-transferrable compensation warrants equal to 6% of the number of Shares issued under the Offering (except, with respect to certain purchasers on a “President’s List”, no Compensation Warrants being issued). Each Compensation Warrant entitles the holder thereof to purchase one Share at an exercise price of C$0.19 per Share until November 9, 2023.

Gross proceeds of the Offering will be used to expand the drill program at the Company’s 100% owned Jasperoide high-grade copper-gold skarn property in Peru and to undertake a maiden drill program at the Company’s Bellas Gate property in Jamaica and for general working capital and corporate purposes.

All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from the date of issuance. The Offering is subject to the final acceptance of the TSX Venture Exchange.

Tectonic Advisory Partners acted as advisor to C3 Metals (Tectonic Securities transactions are executed through Ecoban Securities Corporation).

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

ABOUT C3 METALS INC.

C3 Metals Inc. is a Canadian-based exploration company focused on the discovery and development of large copper-gold deposits with properties in Peru, Jamaica and Canada.

The Company’s flagship project is the Jasperoide high-grade copper-gold skarn and porphyry system located in the prolific Andahuaylas-Yauri Mineral Belt of southern Peru. Mineralization at Jasperoide is hosted in a similar geological setting to nearby major mining operations at Las Bambas (MMG), Constancia (Hudbay) and Antapaccay (Glencore). Drilling commenced in February 2021, returning high-grade copper-gold mineralization over significant thicknesses. The ongoing program has been expanded to test multiple geophysical targets.

In Jamaica, the Company’s 100% interest licenses cover 207 km² of highly prospective copper-gold terrain where multiple porphyries have been delineated. The Company is advancing fieldwork on new areas of interest. In Canada, C3 Metals holds a 100% interest in the 91 km² Mackenzie porphyry copper-gold project within the Cascade Magmatic Arc in southwestern British Columbia.