Power Metals Corp. (TSX-V:PWM) (FRA:OAA1) (OTCQB:PWRMF) is pleased to announce that it has closed its previously announced brokered private placement of 11,325,000 common shares of the Company that will qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The Flow-Through Shares were issued at a price of $0.57 per Flow-Through Share for aggregate gross proceeds of $6,455,250.

Canaccord Genuity Corp. acted as Agent for the Offering, and received a cash commission equal to 6% of the gross proceeds of the Offering, except with respect to subscribers on the Company’s “president’s list” for which a cash commission equal to 2% of the gross proceeds of the Offering was paid. As additional consideration, the Agent received 226,500 broker warrants. Each brokers warrant is exercisable into one common share of the Company at $0.40 per common share until September 27, 2024.

Pursuant to the Offering, Winsome Resources Limited has increased its share ownership in Power Metals to 10.13%.

The Flow-Through Shares, the brokers warrants and any shares issuable on exercise thereof are subject to a hold period expiring July 28, 2024. The Offering is subject to certain conditions including, but not limited to, the receipt of the approval of the TSX Venture Exchange.

The gross proceeds of the Offering will be used by the Company to incur eligible “Canadian exploration expenses” that will qualify as “flow-through critical mineral mining expenditures” as such terms are defined in the Income Tax Act (Canada) and “eligible Ontario exploration expenditures” as defined in subsection to 103(4) of the Taxation Act, 2007 (Ontario) related to the Company’s projects located in the province of Ontario on or before December 31, 2024. All Qualifying Expenditures will be renounced in favor of the subscribers effective December 31, 2023. ‎

About Power Metals Corp.

Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries.